Upbit, a digital asset exchange operated by Dunamu Inc., announced Friday that it has signed a memorandum of understanding (MOU) with Indonesia Crypto Exchange (ICEx), a licensed digital asset bourse in Indonesia, to establish a strategic framework for technical and operational collaboration aimed at accelerating the development of Indonesia’s regulated crypto ecosystem and supporting the growth of a sustainable, well-governed market.
Under this strategic framework, Upbit will support the growth of Indonesia’s digital asset ecosystem by providing core platform technology and operational expertise to build and operate a resilient, compliant trading venue, including key exchange infrastructure such as matching, risk management, and market operations, the firm said in a statement.
The partnership will also explore innovation in areas such as custody solutions while strengthening regulatory technology to enhance oversight, compliance, and reporting.
ICEx and Upbit have aligned as strategic partners to leverage Upbit’s proven track record as South Korea’s leading exchange and its global reputation for maintaining the highest standards in investor protection and regulatory compliance.
Upbit said the firm is positioning itself as a critical infrastructure partner across Asia, supporting the development of secure, transparent, and trusted digital asset market frameworks.
This collaboration marks another milestone in its expanding role as a key driver of digital asset development across the region.
“This partnership reflects our commitment to fostering well-regulated digital asset ecosystems globally,
“By working closely with ICEx, we aim to share the platform technology and operational expertise that have established Upbit as a market leader in Asia and strengthen the foundational infrastructure of Indonesia’s digital asset sector,” said Kyoungsuk Oh, Chief Executive Officer of Dunamu, operator of Upbit.
Meanwhile, ICEx operates as an important part of Indonesia’s regulated digital asset ecosystem under the supervision of the Financial Services Authority (OJK).
The firm is established in line with Indonesia’s three-layer regulatory framework for digital asset transactions, comprising a licensed bourse, central clearinghouse, and supporting an integrated market structure within the country’s regulated framework.
Upbit Indonesia is among its founding shareholders, alongside strategic investors including some of Indonesia’s largest conglomerates and global exchanges.
“Partnering with Upbit brings invaluable global expertise to our local ecosystem,
“Upbit’s leadership in compliance and technology was a decisive factor for us. We believe this collaboration will contribute to the development of a more secure and trusted market environment in Indonesia,” said Pang Xue Kai, Chief Executive Officer of ICEx Group.
Through this partnership, Upbit said it aims to support ICEx in laying the groundwork for a next-generation digital asset ecosystem in Indonesia while contributing to the broader evolution of regulated crypto markets across the region.
The partnership was marked by a high-level summit held at Upbit’s Seoul headquarters, where Kyoungsuk Oh hosted a senior Indonesian delegation comprising high-ranking government officials, representatives from the Chamber of Commerce Indonesia, and key industry players to discuss the evolution of regulated digital finance.
The inclusion of the Chamber of Commerce underscores the mission to integrate it into the broader Indonesian commercial landscape.
During the meetings, Upbit’s leadership and Kadin representatives discussed future-forward plans to bridge Korean technological prowess with Indonesian market potential, ensuring that the digital asset roadmap aligns with the country’s national economic interests and private sector growth.
The parties formally announced the MOU at the Korea–Indonesia Business Partnership for Resilient Growth Forum on April 1, a bilateral event, attended by ministers and high-ranking officials from both countries.
The MOU between Upbit and ICEx underscored the strategic and institutional significance of the bilateral collaboration in digital finance innovation.