Dunamu, the operator of digital asset exchange Upbit, said on April 2 it attended the Korea-Indonesia Business Forum held on April 1 at The Shilla Seoul in Jangchung-dong and signed a technology partnership memorandum of understanding with Indonesia Crypto Exchange (ICEx).

Indonesia is rapidly emerging as a key market in digital assets, backed by an expanding user base, an advancing regulatory framework and growing institutional participation.

ICEx Group operates under a comprehensive licence from Indonesia's Financial Services Authority (OJK) that covers digital asset exchange, clearing and custody functions. Eleven local exchanges, including Upbit Indonesia, participated as founding shareholders, and major Indonesian conglomerates and global exchanges also joined as strategic investors.

The two sides agreed to use the cooperation to apply Upbit's operating know-how to the Indonesian market, raise trust and transparency in the local digital asset ecosystem and work to build a global-standard market framework.

They also reviewed various areas for cooperation, including regulatory compliance systems, and held broad discussions on cooperation to steadily build a digital finance ecosystem on a trusted technology foundation.

Oh Kyung-seok (오경석), Dunamu's chief executive, said he hopes Upbit's operating know-how can contribute to strengthening infrastructure in Indonesia's digital asset market. He stressed that the company will work closely with ICEx and take the lead in building a sound digital asset ecosystem.