HashKey, Indodax team up to expand crypto services in SEA

Indodax, a crypto-exchange based in Indonesia, has signed a memorandum of understanding with HashKey Exchange, a digital asset platform licensed by Hong Kong’s Securities and Futures Commission.

The agreement aims to improve trading infrastructure and liquidity as both companies focus on the Southeast Asian market.

Early collaboration will center on technical integration, knowledge sharing, and regulatory mapping to meet compliance in each jurisdiction.

Indodax was established in 2014 and offers trading for over 450 cryptocurrencies.

HashKey Exchange is regulated in Hong Kong and serves as a regional digital asset trading platform.

Both companies said the partnership will help strengthen their presence in Southeast Asia’s cryptocurrency sector.

🔗 Source: Indodax

🧠 Food for thought

Implications, context, and why it matters.

Indonesia’s tightening crypto rules make this partnership an early stress test for cross-border compliance

On January 10, 2025, Indonesia’s Financial Services Authority (OJK) took over crypto oversight from the Commodity Futures Trading Regulatory Agency (Bappebti) 1. Indodax needs a new OJK license and must match listings to the Bourse’s whitelist once it arrives by April 10, 2025 1. Until then the Bappebti list still applies 1.
Work with HashKey, which holds Hong Kong Securities and Futures Commission (SFC) Type 1 (dealing in securities) plus Type 7 (automated trading services) licenses 2, will push both sides to square different rulebooks. OJK now classifies crypto assets as Financial Sector Technological Innovations (ITSK) 1 while Hong Kong runs its own regime.
Travel Rule enforcement is rising in Indonesia 3, so both firms will need protocols for sharing transaction data across borders. The memorandum of understanding (MoU) timing hints that Indodax is setting up infrastructure before formal mandates.

RegTech vendors targeting Southeast Asia can pitch compliance solutions to exchanges navigating Indonesia’s 2025 transition

Regulatory technology (RegTech) vendors focused on Travel Rule, automated reporting, and cross-border compliance have an opening as local operators upgrade to meet OJK rules 1. Indodax counted more than 5 million registered users in February 2022 4.
Firms must apply for new licenses through OJK’s sprint.ojk.go.id portal 1 and prove compliance. RegTech companies that cover onboarding and transaction monitoring, as discussed in Indonesian compliance webinars 3, can serve as partners. Regional expansion moves like Indodax-HashKey raise demand for multi-jurisdiction tools.