2024 has been a transformative year for Indonesia’s crypto landscape, marked by groundbreaking achievements, regulatory progress, and a surge in adoption. As the country solidifies its position as a global leader in the blockchain space, here’s a look back at the key milestones that defined this remarkable year.
1. Indonesia Ranks 3rd Globally in Crypto Adoption
Indonesia has made significant strides, rising to 3rd place globally in the 2024 Crypto Adoption Index by Chainalysis. This milestone reflects a robust and rapidly expanding ecosystem driven by widespread retail adoption and an increase in institutional participation.
Factors contributing to this growth include local innovations, government support, and the accessibility of crypto platforms. Indonesia’s rank puts it ahead of established markets like the United States and Vietnam, showcasing its global competitiveness.
Read more: Indonesia Ranks 3rd in Global Crypto Adoption 2024
2. 2nd in Asia for Crypto Awareness
Indonesia is solidifying its position as a leader in Asia’s cryptocurrency landscape, ranking second in the region for crypto awareness in 2024, according to a survey by Consensys and YouGov, which found over 90% of Indonesians are familiar with cryptocurrency.
With 18% already owning digital assets and 58% planning to invest in the next year, alongside regulatory shifts by the Financial Services Authority (OJK) in 2025, Indonesia’s youthful, tech-savvy population and expanding Web3 ecosystem offer immense opportunities for growth and innovation.
3. Crypto Transactions Exceed US$34,25B
Crypto trading in Indonesia reached a record high from December 2023 to November 2024, with the total transaction value of crypto assets amounting to Rp556.53 trillion, approximately US$34.25 billion. This represents a significant increase of 356.16% compared to the same period last year. The growth reflects an increasing appetite for digital assets among both retail and institutional investors.
The rise in transaction volumes not only underscores Indonesia’s economic potential in crypto but also signals a maturing market. This growth cements Indonesia’s status as one of the most dynamic crypto markets globally.
Read more: Indonesia’s Crypto Surge: 352% Growth and Rp475 Trillion in Transactions for 2024
4. Pro-Crypto Policies from Indonesia’s New Cabinet
The newly appointed Merah Putih Cabinet in Indonesia has demonstrated strong support for blockchain and cryptocurrency. Irene Umar, the Deputy Minister of Creative Economy, is a well-known advocate for blockchain. Her experience founding W3GG, a blockchain gaming company, highlights her commitment to integrating blockchain into Indonesia’s creative economy.
Bahlil Lahadalia, the Minister of Energy and Mineral Resources, has previously expressed openness to blockchain technologies, particularly their application in driving economic growth. Rosan Roeslani, the Minister of Investment and Downstreaming, has emphasized blockchain’s potential to enhance Indonesia’s global competitiveness in his previous engagements.
5. Institutions Gain Access to Crypto Trading
For the first time, institutional investors in Indonesia can legally trade cryptocurrencies through registered exchanges. This development follows the implementation of new regulations under Bappebti, aimed at boosting confidence and transparency in the crypto market. Institutional participation is expected to stabilize the market by introducing higher liquidity and reduced volatility.
This access also creates opportunities for global investors to participate in Indonesia’s rapidly growing crypto ecosystem. With this framework in place, the country is paving the way for more sophisticated financial instruments.
Read more: Crypto Trading Just Got Serious in Indonesia—Here’s Why
6. Legalization of Crypto Futures Trading
Indonesia has taken a major step forward by legalizing crypto futures trading through regulated exchanges. Companies like Pintu, in collaboration with licensed brokers, are now offering derivatives trading, enabling investors to hedge risks and diversify portfolios. This move is a game-changer, allowing both retail and institutional investors to access advanced trading options.
A Bright Future for Indonesia’s Crypto Ecosystem
Indonesia’s crypto achievements in 2024 reflect its meteoric rise as a global blockchain leader. From regulatory advancements to record-breaking transaction volumes, the country is laying the foundation for sustained growth and innovation. Discover more about Indonesia’s booming crypto market in 2024. Download 2024 Indonesia Crypto & Web3 Industry Report.
