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2023 Indonesia Web3 Landscape: Mapping out Industry’s Frontiers

Friday, 29 December 2023

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Indonesia’s blockchain and crypto assets ecosystem are growing significantly from year to year. This is proven by the many blockchain-based companies and projects that have emerged in Indonesia. The latest data collected from the Ministry of Communication and Information (Kominfo) as of September 2023, there are 1,629 companies or startups that have been registered in the Online Single Submission (OSS) system in the category “Blockchain Technology Development Activities” with the Standard Classification of Industrial Business Fields (KBLI) 62014 and the total number of Indonesian crypto asset investors as of November 2023 has reached 18.25 million according to data from CoFTRA, much larger than the total investors in the capital market which only reached 9.98 million investors.

In the previous Indonesia Web3 Landscape 2022, there were only 12 categories of industry players in the blockchain ecosystem. Meanwhile, in 2023, there will now be 15 updated categories, including:

  • Government and Institutions
  • Infrastructure & Active Protocols
  • Blockchain Development & Consulting
  • Media and Education (Edutainment)
  • Blockchain-Based Social Platform
  • NFTs and the Metaverse
  • Crypto Asset Traders (Exchanges) and OTC
  • Blockchain-Based Services
  • Investment Tool Platform
  • Wallet Providers
  • Anti-Money Laundering (AML)/Transaction Monitoring Platform
  • Token
  • Funding
  • Web Based Games3
  • Web3 Ecosystem Support Services Platform

Within the scope of blockchain and crypto asset development, various new perspectives and categories have emerged this year, illustrating the dynamics of change very well. All these new categories reflect increased innovation, efficiency, and service reliability, covering various aspects, from transactions to entertainment needs. These developments indicate a strong push to create a more mature and diverse Web3 ecosystem. Here is the updated 2023 Indonesia Web3 Landscape with active companies operating in the region.

Deputy General Chair for Literacy and Education of the Indonesian Blockchain & Crypto Asset Traders Association (A-B-I & Aspakrindo), Steven Suhadi explained that the aim of this landscape mapping was to highlight the increasing sustainability and diversity in this industry. Crypto assets and Blockchain technology have a wide range of applications, offering many opportunities for collaboration and synergy with various other sectors. “By charting the industry’s current and expanding state, we enable new stakeholders to join and work alongside established entities. Our goal is to position Indonesia as an inclusive and welcoming global leader in Cryptocurrency and Blockchain”, said Steven.

In line with the development of the Indonesian blockchain and crypto asset ecosystem, in Q4 2023, A-B-I & Aspakrindo also experienced positive member growth, where total members increased by 43%, reaching 67 members, which reflects the dynamics of the industry in Indonesia by indicating increasing adoption and strong interest in the blockchain ecosystem and crypto assets, this also has an impact on the role of A-B-I & Aspakrindo, namely strengthening its position as an important collaboration forum in facing rapid developments in this industry, said Asih, Executive Director, A-B-I & Aspakrindo.

ICN, represented by Rizqia Nur Fadhila the Managing Director of Coinvestasi, said that even though the crypto market is experiencing a bear market, the crypto industry and web3 in Indonesia are still developing with blockchain technology which is increasingly used for various sectors. “The involvement of governments and institutions signals the next wave of adoption, which will not only focus on retail and individuals but also on government agencies. This marks positive progress for the crypto and web3 ecosystem in Indonesia, especially with collaboration between industry and government,” concluded Dhila

Felita Setiawan

COO @ Indonesia Crypto Network

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