Indonesia recorded IDR 109.29 trillion (~USD 6.9 billion) in crypto transactions in the first quarter of 2025, reflecting a noticeable slowdown from the same period last year. The March 2025 figure stood at IDR 32.45 trillion, representing a slight 1.01% month-on-month decrease from February.
This cooling trend, especially when compared to IDR 158.84 trillion in Q1 2024, points not to a loss of momentum, but to a shift in market behavior. As the speculative frenzy of past years begins to subside, the Indonesian crypto landscape is transitioning into a more regulated, institutionalized environment.
The Impact of Regulatory Transition
This recalibration in activity aligns with the transfer of regulatory oversight from Bappebti to the Financial Services Authority (OJK) in January 2025. Under OJK, the market is experiencing tighter controls—introducing minimum capital thresholds for exchanges, enhanced consumer protection, and mandatory licensing.
Rather than fueling volume through hype, the focus is now on building a sustainable infrastructure for digital asset trading—one that integrates with national financial policy and adheres to global compliance standards.
Usage Remains High Despite Lower Trading Volume
While total value has declined, crypto usage in Indonesia remains strong. As of March 2025, there were 13.71 million registered crypto users, with nearly all (99.7%) being Indonesian citizens. This indicates that the user base has not shrunk, but is instead operating in a more regulated and perhaps more cautious manner.
In parallel, crypto tax revenue reached IDR 126.4 billion by February, showing that government oversight is generating fiscal returns—even in a downtrend market.
An Expanding Legal Ecosystem
Indonesia now officially permits the trading of 1,444 crypto tokens, a significant leap in legal clarity for both traders and platforms. These tokens are available on 19 licensed digital financial asset traders (PAKD), including platforms like Indodax, Tokocrypto, Pintu, Pluang, Reku, and Upbit.
Three supporting institutions form the core infrastructure:
- CFX (PT Bursa Kripto Nusantara) as the national crypto exchange
- KBI (PT Kliring Komoditi Indonesia) for clearing services
- ICC (PT Kustodian Coin Indonesia) for custody of digital assets
This ecosystem ensures that trading is not only legal but also governed by a framework that prioritizes transparency, stability, and investor protection.
Read more: Tokenize Indonesia Launches to Boost RWA Startups in Indonesia
Exploring New Instruments: Crypto ETFs
Although not a central focus in Q1, OJK is currently reviewing the potential for crypto-based Exchange-Traded Funds (ETFs). These instruments would allow broader market participation—especially from traditional finance players—by offering exposure to digital assets in a more familiar, regulated format.
For now, this remains exploratory, as regulators continue to prioritize infrastructure and enforcement.
Read more: Indonesia Considers Crypto ETFs: A Game-Changer for Investors and Market Maturity
Conclusion: Lower Volume, Stronger Core
The decline in transaction volume may catch attention, but it is better viewed as a symptom of maturation, not contraction. With clearer regulations, rising institutional readiness, and ongoing user participation, Indonesia’s crypto market is moving past the volatility of early-stage growth and toward long-term resilience.
The country is not stepping back from crypto. It’s stepping up—redefining what a sustainable digital asset ecosystem should look like in a region rapidly adapting to the future of finance.
Want to Understand Indonesia’s Crypto Market From the Inside?
Indonesia Crypto Network (ICN) helps Web3 companies navigate regulatory shifts, connect with local partners, and reach millions of crypto users across the country. From licensing to activation, our team is embedded in the ecosystem—so you don’t have to start from scratch.
→ Looking to enter or grow in Indonesia? connect with us directly.
