Crypto action heats up in Indonesia as Tokocrypto weighs IPO

Country is hot spot for digital currency, based on government data

The number of cryptocurrency traders in Indonesia is estimated at 4 million and is expected to grow exponentially given the size of the country's population at 275 million, industry watchers predict. © Reuters

AASTHA MAHESHWARI, DealStreetAsia

June 2, 2021 14:30 JST

JAKARTA -- In a sign of the rise of cryptocurrency in Indonesia, the global cryptocurrency exchange Luno is said to be weighing entry into the Southeast Asian market. At the same time, Binance-backed local operator Tokocrypto is looking at a public market debut.

Luno is understood to be in talks with conglomerate Lippo Group to set up a joint venture to start operations in the country, according to two people familiar with the development.