The 2024 Indonesia Crypto & Web3 Industry Report has officially been released, highlighting the nation’s rapid transformation into a global leader in blockchain and cryptocurrency. Published by the Indonesian Blockchain Association (ABI – Aspakrindo) in collaboration with ICN – Coinvestasi, the report dives into key trends, milestones, and projections shaping Indonesia’s Web3 ecosystem.
Indonesia: A Nation Leading Crypto Adoption
Indonesia continues to dominate global crypto adoption, ranking 3rd worldwide according to the 2024 Chainalysis Adoption Index. The country now boasts 22.11 million registered crypto investors—a remarkable 21.16% growth from the previous year. Tether (USDT), Bitcoin (BTC), and Dogecoin (DOGE) remain the top-traded assets, reflecting a dynamic and engaged market.
Transaction volumes have skyrocketed, with total value reaching IDR 556.53 trillion (approximately USD 34.25 billion)—a 356% year-on-year increase. This surge underscores Indonesia’s position as a burgeoning crypto powerhouse in Southeast Asia.
Read more: Top 12 Crypto Communities in Indonesia
Blockchain: Revolutionizing Industries
Blockchain technology is driving innovation across multiple sectors in Indonesia:
- Supply Chains: Blockchain is improving transparency and efficiency for commodity exports like coffee and dairy products.
- Government Services: West Java has implemented blockchain-based digital certifications to streamline administrative processes.
- Real-World Assets (RWAs): Indonesia contributes 10.1% of global interest in RWAs, fueled by projects like property tokenization and the Gold-Indexed Digital Rupiah (GIDR), which combines blockchain with gold reserves.
Read more: The Youth Movement Behind Indonesia’s Crypto Growth
Robust Regulatory Framework
Indonesia’s crypto advancements are anchored by progressive regulations:
- Transition to OJK Supervision: Starting January 2025, the Financial Services Authority (OJK) will oversee crypto regulations, signaling enhanced market stability and transparency.
- Self-Regulatory Organization (SRO): Established by Bappebti, the SRO ensures robust oversight of crypto exchanges and trading activities.
- Regulatory Sandbox: Over 150 projects are actively testing innovative solutions under OJK’s sandbox program, fostering a safe environment for blockchain development.
These initiatives align with the Indonesia Digital Vision 2025, emphasizing blockchain as a cornerstone for national growth.
Read more: A Recap of Indonesia’s Crypto Journey in 2024
Future Prospects for Indonesia’s Blockchain Ecosystem
The blockchain sector is thriving, with over 2,200 companies registered under the Standard Classification of Indonesian Business Fields (Klasifikasi Baku Lapangan Usaha Indonesia or KBLI), a 72% increase in just one year. The digital rupiah, combined with innovative RWA projects, further positions Indonesia as a key player in the global Web3 landscape.
“This report not only captures Indonesia’s achievements but also serves as a guide for stakeholders across industries to navigate the evolving digital landscape,” said Robby, Chairman of ABI – Aspakrindo.
Why This Report Matters
Indonesia’s crypto and Web3 growth offers unprecedented opportunities for stakeholders, from investors and developers to governments and businesses. By addressing challenges such as compliance and market stability, the nation is paving the way for a more inclusive digital economy.For an in-depth look at the data, trends, and projections shaping the future of Indonesia’s digital economy, download the 2024 Indonesia Crypto & Web3 Industry Report today.
