Blockchain and cryptocurrency infrastructure provider Binance announced Wednesday that it has established a joint venture with a consortium led by Telkom Indonesia’s $830-million venture capital arm, MDI Ventures (MDI). Telkom Indonesia is the country’s largest telecoms company.

The aim of the joint venture is “to expand the blockchain ecosystem in Indonesia with the development of a new Indonesian-based digital asset exchange,” the announcement details, elaborating:

“Our ambition at Binance is to grow the blockchain and cryptocurrency ecosystem globally, and this initiative in Indonesia is a significant step in that direction,” Binance CEO Changpeng Zhao (CZ) commented.

Zhao revealed last week, “We’re making a number of very substantial changes in organizational structures, product offerings, our internal processes, and the way we work with regulators.” He detailed specifically that his company is “in the process of setting up real offices, legal entities, a proper board, proper governance structures in most places, including the U.K.”

This week, Binance announced that it is shutting down its crypto exchange in Singapore. “Binance made a sizable investment into regulated exchange HGX last week. This investment made our own application somewhat redundant. We will continue to work through our partners to grow the crypto industry in Singapore,” explained Zhao.

The Indonesian government has previously indicated that it will not impose an outright ban on cryptocurrency as China did. Crypto assets are allowed to trade alongside commodity futures in Indonesia but cannot be used as a currency. The government is also pushing to set up a crypto exchange and Bank Indonesia has been exploring a central bank digital currency (CBDC).