- Indonesia currently conducts crypto trading through licensed exchanges, clearing and custody.
- ICEx Group has secured funding and approval to build Indonesia’s regulated market rails.
- Indonesian crypto investors currently outnumber the country’s stock market investors.
Indonesia is rebuilding its cryptocurrency market with stock market-style infrastructure as ICEx Group secures licenses and raises $70 million, while regulators enforce a three-tier system for all transactions. Indonesia now requires all cryptocurrency transactions to go through a licensed exchange, central clearinghouse, or independent custodian. The Financial Services Authority (OJK) oversees this system. This change is due to the rapid growth of the market. The number of virtual currency investors will reach 20.19 million by December 2025, exceeding the domestic capital market investor base of 20.13 million.
At the same time, the ICEx Group has emerged as a key builder of this framework. The company has secured a full license to operate across exchange, clearing and custody functions. This development raises a central question: Can stock market infrastructure reshape the way crypto markets work at scale?
Indonesia’s crypto market outperforms traditional finance
Indonesia’s cryptocurrency adoption has grown rapidly in recent years. The number of investors has increased from around 4 million in 2020 to more than 20 million in late 2025. This expansion has occurred faster than traditional capital markets. What took decades to build in stocks has developed in cryptocurrencies in less than five years.
World rankings, on the other hand, reflect a country’s position. Chainalysis ranks Indonesia third in its Cryptocurrency Adoption Index, seeing strong activity across retail and on-chain usage. This region also ranks among the top in terms of transaction value. Central, South Asia and Oceania recorded approximately $157.1 billion in on-chain activity.
Furthermore, OJK data shows the breadth of the market. By February 2026, 1,457 cryptoassets and 127 derivatives were available for trading. At the same time, transaction volumes remained strong despite price pressure. Activity in January 2026 reached IDR29.24 trillion.
Three-layer structure that reflects the structure of the stock market
Indonesia’s regulatory framework introduces a structured market design. All cryptocurrency transactions must pass through three licensed layers under OJK supervision. First, a regulated exchange handles trade execution. Second, clearinghouses manage payment obligations. Third, custodians independently protect digital assets.
This model mirrors traditional stock and derivatives markets. It aims to reduce counterparty risk while increasing capital efficiency across the platform. ICEx Group was built to operate within this structure. This group includes International Crypto Exchange, Crypto Asset Clearing International, and International Crypto Custody.
Each entity holds an independent license from OJK. Together they form an integrated system that covers trading, clearing and storage. As a result, infrastructure is centralized at the institutional level, but access remains distributed across platforms.
Related: Robinhood expands into Indonesia with major acquisition
ICEx Group leads infrastructure development
ICEx Group has set aside approximately Rp1 trillion, or $70 million, for infrastructure construction. Eleven major Indonesian exchanges participated as founding shareholders. Participants include Ajaib, Indodax, Tokocrypto, Reku, Upbit India, Triv, and more. Strategic investors also include major domestic conglomerates and global exchanges.
CEO Pang Xue Kai said the structure reflects regulatory requirements. He said the exchange chose collective ownership rather than relying on third-party providers. This design allows for immediate expansion. This infrastructure connects directly to a combined user base of approximately 20 million investors.
In parallel, the group is exploring new use cases. These include regulated real-world asset tokenization and national stablecoin efforts. The company is planning a grand launch in Jakarta on April 2, 2026. Meanwhile, OJK continues to license and monitor market participants across the ecosystem.
Disclaimer: The information provided by CryptoTale is for educational and informational purposes only and is not to be considered financial advice. Always do your own research and consult a professional before making any investment decisions. CryptoTale is not responsible for any financial loss arising from the use of the Content.
