Indonesia is poised for continued growth in blockchain and crypto activity, cementing its status as a key player in the Web3 space. A recent report highlights a 72% increase in registered blockchain companies under KBLI 62014, bringing the total to 2,251 companies as of 2024.
The KBLI 62014 (Standard Classification of Indonesian Business Fields) simplifies the registration process for blockchain companies while ensuring compliance across sectors such as financial services, supply chain management, and Web3 projects. This regulatory clarity reduces compliance risks while actively encouraging both local startups and foreign investments, positioning Indonesia as a hub for blockchain innovation in Southeast Asia.
Read more: A Recap of Indonesia’s Crypto Journey in 2024
The rising number of registered blockchain companies has also fostered a collaborative ecosystem, enabling Web3 projects to form strategic partnerships with established local firms. Additionally, community-driven campaigns can thrive in Indonesia’s highly engaged crypto audience, while the rapidly expanding market presents significant growth opportunities in DeFi, GameFi, and Web3 infrastructure.
Indonesia’s crypto adoption has surged alongside its blockchain growth. According to Chainalysis’ 2024 Global Crypto Adoption Index, Indonesia ranks 3rd globally, with 22.11 million registered crypto investors, a 21.16% increase from the previous year. Transaction volumes also soared to IDR 556.53 trillion (USD 34.25 billion) in 2024, reflecting a 356% year-over-year growth.
Data from Bappebti/CoFTRA indicates that Tether (USDT) led transaction values from January to November 2024, followed closely by Bitcoin (BTC), Dogecoin (DOGE), Pepe (PEPE), and XRP (XRP).
Read more: Indonesia’s Crypto Market Enters a New Era in 2025
How to Leverage Indonesia’s Blockchain Surge
Indonesia’s blockchain boom presents a wealth of opportunities for Web3 projects seeking expansion in Southeast Asia. Here’s how businesses can capitalize:
- Tap into a Growing User Base: With over 22.11 million crypto investors, the market offers immense potential for user acquisition.
- Leverage Regulatory Clarity: The KBLI 62014 framework ensures compliance and minimizes legal risks for foreign market entrants.
- Form Strategic Partnerships: The increase in registered blockchain companies provides collaboration opportunities with established local firms.
- Engage in Community-Driven Campaigns: Indonesia’s active crypto community allows for effective grassroots marketing and brand engagement.
- Explore Emerging Sectors: Key growth areas like DeFi, GameFi, and Web3 infrastructure offer untapped potential for innovative solutions.
Read more: Indonesia’s 2024 Crypto & Web3 Report: What You Need to Know
Opportunities and Challenges Ahead
While regulatory clarity and market growth are driving forces, challenges remain. Crypto remains legal for investment but restricted for payment use, which may limit broader mainstream adoption. However, the consistent rise in transaction volumes and user growth signals a thriving environment for Web3 projects willing to navigate the regulatory landscape.
For a deeper dive into Indonesia’s blockchain boom and Web3 transformation, explore the full report here.
