Cryptocurrency exchange MEXC Global has backed Indonesian counterpart Triv in a new funding round, valuing Triv at $200 million. The strategic investment is aimed at expanding MEXC’s presence and services within the Southeast Asian market.
MEXC Ventures has made a strategic investment in the expanding crypto market in Indonesia by investing in the crypto exchange Triv at a valuation of $200 million.
The investment amount remains undisclosed, but the transaction, which was confirmed on August 5, is a component of MEXC’s overarching strategy to fortify its presence in Southeast Asia.
With over 3 million registered users, Triv is one of Indonesia’s longest-running digital asset exchanges, established in 2015.
Triv Operates Under OJK and BAPPEBTI Oversight
Triv provides services in spot trading, staking, and futures and is regulated by Indonesia’s Financial Services Authority (OJK) and the Commodity Futures Trading Regulatory Agency (BAPPEBTI).
The exchange is embroiled in a competitive market that includes Indodax, Pintu, and Tokocrypto, which are financed by Pantera and backed by Binance.
It is also subject to competition from new entrants. This encompasses Hong Kong-based OSL Group, which acquired local player Evergreen Crest Holdings for $15 million in June.
Triv has not disclosed any external capital involvement. MEXC Ventures has not disclosed the size and terms of the transaction, and it is uncertain whether this is the platform’s inaugural institutional funding round.
“Leo Zhao, investment director at MEXC Ventures, asserts that Indonesia is one of the region’s most dynamic and promising digital asset markets.”
“Triv has established a robust reputation for user trust, security, and compliance.”
Gabriel Rey, CEO of Triv, stated that the funding will enhance liquidity, expand its coin listings, and extend its crypto news arm, CryptoWave Media.
Indonesia’s New Crypto Tax Regulations Commence
The investment’s timing is noteworthy, as it occurred immediately following the implementation of Indonesia’s revised crypto tax regulations on August 1.
The revised structure imposes a 0.21% tax on domestic exchange users, twice the previous rate.
The seller tax has increased from 0.2% to 1% for consumers who trade through foreign platforms. Although the VAT on purchases has been eliminated, crypto miners are currently subject to a 2.2% VAT and will soon be subject to regular income tax rates as a special 0.1% mining tax is phased out by 2026.
In Indonesia, cryptocurrency is permissible for investment purposes; however, it is not permitted for payment.
The marketplace is expanding at an unprecedented pace. The number of users across licensed platforms has surpassed 20 million, surpassing the country’s stock market participation, and crypto transactions in 2023 exceeded 650 trillion rupiah (approximately $40 billion).
In 2024, Indonesia’s annual crypto tax revenue experienced a significant increase, reaching its greatest level since the government implemented digital asset taxation in 2022, as previously reported.
Last year, the country collected 620 billion rupiah (approximately $38 million), an 181% increase from the 220 billion rupiah recorded in 2023, according to officials from the Directorate General of Taxes.
The rapid increase indicates a more extensive surge in local crypto activity. According to officials, the growth was purportedly attributed to the rise in transaction volumes, which reportedly reached 650 trillion rupiah ($39.67 billion) in 2024.
