Upbit signs business agreement with Indonesia’s ICEx…expanding cooperation on digital-asset infrastructure

Upbit has moved to cooperate on building digital-asset infrastructure in Indonesia.

Dunamu said on the 2nd that Upbit signed a memorandum of understanding (MOU) for a technical partnership with Indonesia’s digital-asset exchange ICEx (Indonesia Crypto Exchange).

The agreement was signed at the “Korea-Indonesia Business Forum” held on the 1st at the Shilla Hotel in Jangchung-dong, Seoul. Ministerial-level officials from both countries and representatives from major companies attended the event to discuss cooperation measures across a range of fields.

ICEx is a digital-asset infrastructure company that has received an integrated license from Indonesia’s Financial Services Authority (OJK) covering exchange, clearing and custody functions. Eleven local exchanges, including Upbit Indonesia, are participating as founding shareholders.

Through the agreement, the two sides agreed to work together to strengthen the reliability and transparency of Indonesia’s digital-asset market based on Upbit’s trading systems, security and regulatory response experience. They also plan to review various forms of cooperation, including sharing compliance frameworks and operational know-how.

Adi Budiarso, head of supervision for digital financial innovation and digital assets at Indonesia’s Financial Services Authority, said, “We hope to explore ways to reference South Korea’s digital-asset industry and regulatory framework and apply them to the Indonesian market.”

Oh Kyung-seok, CEO of Dunamu, said, “We hope Upbit’s technological capabilities and regulatory-response expertise can contribute to strengthening market infrastructure in Indonesia,” adding, “We will work with ICEx to help build a sound digital-asset ecosystem.”

Pang Xue Kai, group CEO of ICEx, said, “Upbit’s technological prowess and operational experience will play an important role in enhancing trust in the Indonesian market,” adding, “We expect this cooperation to become a benchmark for building digital financial infrastructure.”

Dunamu plans to expand its role as a digital-asset infrastructure partner in the Asian market through this cooperation.