The first regulated cryptocurrency exchange in Indonesia, Tokocrypto, plans to go public within the next two to three years, according to DealStreetAsia.
“I am talking about such a timeframe because before listing we need to be profitable for at least two years,” Pan Syu Kai, the platform’s CEO, told the publication.
According to him, Tokocrypto is already profitable.
He declined to discuss a possible valuation of the company at the IPO, deeming it premature. The benchmark will be the American exchange Coinbase, whose shares began trading on Nasdaq on 14 April 2021, the head of Tokocrypto noted.
“We are currently monitoring the market, scaling the business, building teams and products,” added Kai.
Tokocrypto was founded in 2018 and is regulated by the Commodity Futures Trading Regulatory Agency (BAPPEBTI) of the Indonesian Ministry of Trade.
The company’s major investors are QCP Capital and Binance.
In May 2021 Tokocrypto conducted a TKO token sale on the Binance platform. About 200,000 investors participated, investing in the asset more than $4.2 billion.
The company owns TKO worth approximately $1 billion.
The platform counts 800,000 users and claims that a new user is added every five seconds.
According to the publication, the total number of cryptocurrency traders in Indonesia is estimated at 4 million, with a population of about 275 million.
As a reminder, Indonesian law equates digital currencies with exchange-traded commodities, and bans their use as a means of payment.
Authorities are discussing the taxation mechanism for cryptocurrencies. In their view, users should pay tax on profits from asset trades and a capital gains tax.
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