MEXC Ventures Invests in Indonesia’s Cryptocurrency Sector
MEXC Ventures has strategically engaged in Indonesia’s cryptocurrency sector by investing in local exchange Triv, which is valued at $200 million. This investment, confirmed on August 5, is part of MEXC’s ongoing efforts to establish a stronger foothold in Southeast Asia, although the specifics of the investment have yet to be disclosed. Since its inception in 2015, Triv has emerged as one of the most established digital asset platforms in Indonesia, boasting a user base exceeding 3 million.
Triv’s Operations and Market Competition
Operating under the regulatory frameworks of the Financial Services Authority (OJK) and the Commodity Futures Trading Regulatory Agency (BAPPEBTI), Triv offers a comprehensive suite of services that includes spot trading, staking, and futures contracts. The exchange faces stiff competition from several players in the market, such as Tokocrypto—backed by Binance—and Pintu, which has received funding from Pantera. Additionally, it must contend with new market entrants like Hong Kong’s OSL Group, which recently acquired Indonesian firm Evergreen Crest Holdings for $15 million in June.
Investment Details and Future Plans
Until now, Triv had not disclosed any previous external capital involvement, leaving it uncertain whether this marks the exchange’s first round of institutional financing. MEXC Ventures has also refrained from providing specific terms regarding the investment. According to Leo Zhao, investment director at MEXC Ventures,
“Indonesia is one of the most dynamic and promising digital asset markets in the region, and Triv has developed a strong reputation for compliance, security, and user confidence.”
Triv’s CEO, Gabriel Rey, expressed that the funds will be pivotal in enhancing the platform’s offerings, allowing for an expansion in coin listings and improved liquidity, alongside an effort to scale their news division, CryptoWave Media.
Impact of Recent Regulatory Changes
This investment arrives on the heels of recent changes in Indonesia’s crypto tax regulations, which took effect on August 1. The revised tax structure has increased the domestic transaction tax from 0.1% to 0.21%, while users trading on foreign exchanges face an even steeper increase from 0.2% to 1%. Additionally, although value-added tax (VAT) on purchases has been abolished, crypto miners will now incur a 2.2% VAT and will be transitioning to a regular income tax structure, as a unique 0.1% mining tax is scheduled to be phased out by 2026.
Growth of the Indonesian Crypto Market
In terms of growth, the Indonesian crypto market is flourishing, with transaction volumes surpassing 650 trillion rupiah (approximately $40 billion) in 2023, and user engagement on licensed platforms exceeding 20 million—eclipsing participation rates in the stock market.
Recent fiscal data indicates a significant increase in crypto tax revenues for Indonesia. According to the Directorate General of Taxes, the nation collected 620 billion rupiah (around $38 million) in crypto tax revenue in 2024—up 181% from the 220 billion rupiah earned in 2023. This surge has been attributed to heightened levels of transaction activity, which reached 650 trillion rupiah (roughly $39.67 billion) last year, reinforcing Indonesia’s burgeoning position in the global digital asset landscape.
