Indonesia has shown positive growth in crypto adoption throughout the year. The crypto industry in this country keeps growing and adapting to the market trends, both on the global and domestic. Despite ongoing challenges in its adoption journey, Indonesia is demonstrably experiencing steady growth in crypto adoption.
According to the Commodity Futures Trading Supervisory Agency of Indonesia (Bappebti), the transaction volume of crypto in Indonesia unexpectedly reached 49.82 billion Rupiah in May 2024, a 506.83% surge compared to May 2023. For the first half of the year, Indonesia has already reached 260.9 billion Rupiah, nearly doubling the total transaction volume of 2023. This data reflects a strong and growing interest among Indonesians in crypto investment, likely fueled by the positive sentiment surrounding the launch of the Bitcoin Spot Exchange-Traded Fund (ETF) in the United States and the enthusiasm of crypto investors for the upcoming Bitcoin Halving. However, the total number of crypto accounts in Indonesia reportedly experienced a slight drop from 20.16 million users to 19.75 million, due to data adjustments following the cessation of operations by one of the Prospective Crypto Asset Physical Traders (CPFAK). This action is made to ensure the data accuracy and reflects on the current market situation. On the other hand, the total number of active investors showed a rise of 363,101 users to 893,541 users in May 2024.
Crypto users in Indonesia are not only growing rapidly, but the Indonesian government also shows positive support towards this adoption process. This can be seen from the reinforcement of crypto regulations, a key focus for financial regulators in Indonesia. One of the regulations is the establishment of a crypto exchange, PT Bursa Komoditi Nusantara, which will be in charge of operational and manage all Indonesian exchanges. With the establishment of this exchange, physical crypto asset traders are expected to comply with the mechanisms that will be related to the crypto exchange. Furthermore, in order to effectively monitor the activities of crypto industry in Indonesia, the Commodity Futures Trading Supervisory Agency of Indonesia (Bappebti) is preparing to transfer the supervision of crypto assets to the Financial Services Authority (OJK) starting in January 2025.
This compelling combination of market enthusiasm and supportive regulations positions Indonesia as a gateway to the vast Southeast Asian crypto market. Contact Indonesia Crypto Network and see how we can help your brand tap into this dynamic market.
