MEXC Ventures has taken a strategic bet on Indonesia’s growing crypto market, investing in crypto exchange Triv at a $200 million valuation.
Key Takeaways:
MEXC Ventures invested in Triv at a $200M valuation to grow its Southeast Asia footprint. Triv is one of Indonesia’s oldest licensed exchanges, operating under OJK and BAPPEBTI. The funding will boost Triv’s coin offerings, liquidity, and crypto media operations.The deal, confirmed on August 5, marks part of MEXC’s broader plan to strengthen its presence in Southeast Asia, though the investment amount remains undisclosed.
Founded in 2015, Triv is one of Indonesia’s longest-running digital asset exchanges, with over 3 million registered users.
Triv Operates Under OJK and BAPPEBTI Oversight
Triv operates with regulatory oversight from Indonesia’s Financial Services Authority (OJK) and the Commodity Futures Trading Regulatory Agency (BAPPEBTI), offering services in spot trading, staking, and futures.
The exchange competes in a crowded field that includes Binance-backed Tokocrypto, Pantera-funded Pintu, and Indodax.
It also faces pressure from new entrants. This includes Hong Kong-based OSL Group, which acquired local player Evergreen Crest Holdings in June for $15 million.
Until now, Triv has not revealed any outside capital involvement. It is unclear if this is the platform’s first institutional funding round, and MEXC Ventures has not shared details on the size or terms of the deal.
“Indonesia is one of the most dynamic and promising digital asset markets in the region,” said Leo Zhao, investment director at MEXC Ventures.
“Triv has earned a strong reputation for compliance, security, and user trust.”
Triv CEO Gabriel Rey said the funding will help expand its coin listings, improve liquidity, and scale its crypto news arm, CryptoWave Media.
Indonesia’s New Crypto Tax Rules Kick In
The timing of the investment is notable, coming just after the implementation of Indonesia’s updated crypto tax rules on August 1.
The revised structure imposes a 0.21% tax on domestic exchange users, double the previous rate.
For users trading through foreign platforms, the seller tax has surged from 0.2% to 1%. While VAT on purchases has been removed, crypto miners now face 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, crypto is permitted for investment but not for payments.
The market is growing rapidly. Crypto transactions in 2023 topped 650 trillion rupiah (around $40 billion), and user numbers across licensed platforms have surpassed 20 million, outpacing the country’s stock market participation.
As reported, Indonesia’s annual crypto tax revenue jumped sharply in 2024, marking its highest level since the government introduced taxation on digital assets in 2022.
According to officials from the Directorate General of Taxes, the country collected 620 billion rupiah (around $38 million) last year, a 181% rise from the 220 billion rupiah recorded in 2023.
The sharp increase reflects a broader surge in local crypto activity. Officials attributed the growth to a rise in transaction volumes, which reportedly reached 650 trillion rupiah ($39.67 billion) in 2024.
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