Coinfest Asia 2024: Strengthen the Web3 and Crypto Ecosystem of Indonesia

Coinfest Asia, a leading web3 and crypto festival in Asia and Indonesia, returned to Bali on August 22-23, 2024. Located in Nuanu City, Bali, Coinfest Asia 2024 has successfully attracted more than 6000 participants from diverse companies and countries seeking to expand their market in Indonesia.

The event also hosted 150 web3 industry leaders from renowned local and international web3 ecosystem companies. Some speakers in Coinfest Asia 2024 were Yat Siu (Co-Founder of  Animoca Brands), Dominic Williams (Founder & Chief Scientist of DFINITY Foundation), Alexander Svanevik (CEO of Nansen), Victor Ji (Co-Founder of Manta Network), and many more. 

Under the theme “Where Innovation Meets Adoption,” Coinfest Asia offered opportunities for industries and individuals to grow their ecosystems in the crypto-friendly environment of Asia, especially Indonesia. Retail investors also benefited from connecting with promising web3 projects.

Felita Setiawan, the director of Indonesia Crypto Network and the mastermind behind Coinfest Asia, revealed that the event has surged in popularity, boasting a 50% increase in attendees each year. With 2,000 people in 2022, 4,000 in 2023, and more than 6,000 this year, Coinfest Asia is quickly becoming a major player in the crypto calendar.

This time, Coinfest Asia enjoys full support from Indonesian regulators, including the Indonesian Financial Services Authority, The Commodity Futures Trading Supervisory Agency, The Indonesian Chamber of Commerce and Industry, Indonesian Crypto Asset Traders Association, The Coordinating Ministry for Economic Affairs, Indonesian Criminal Investigation Agency, and Bank Indonesia.

Coinfest Asia’s third edition brought together developers and the Web3 community through over 50 side events, such as the ETH SEA Hackathon, ICP Chain Fusion Bali, WGG Game Day, fostering innovation and collaboration.

Compared to previous years, this year’s event saw a significant increase in market enthusiasm and participant engagement. Coinfest Asia 2024 introduced more interactive panel discussions to foster deeper conversations between our audience and experts. Additionally, Coinfest Asia 2024 enhanced the overall experience by offering a wider range of activities tailored to the interests of gamers and developers.

Coinfest Asia 2024 was supported by more than 60 sponsors, including Polkadot, Mandala Chain, CoinStore, OKX Wallet, CFX, Aptos, Haqq, Google Cloud, Ripple, Indodax, Tokocrypto, Pintu, Triv, Cloudmile, Bank BRI, FMCPay, Bitget, and many more.

Coinfest Asia 2024 serves as an excellent platform for strengthening collaboration among the government, businesses, and other stakeholders in the crypto asset industry. It also provides a valuable opportunity for exchanging information and exploring innovations for the future development of crypto assets. The attending regulators at Coinfest Asia 2024 foster productive discussions between regulators and industry players, which is crucial for aligning regulation with the evolving landscape of digital assets. This approach aims to lead to a better synergy between regulatory frameworks and innovation.

Over the past year, Indonesia recorded a high total value of crypto asset transactions, amounting to IDR 344.09 trillion or USD 22 million. This represents a 353.94% increase from the same period in 2023. From January 2022 to June 2024, Indonesia earned a total tax revenue from crypto assets of IDR 798.84 billion or USD 51 million.

In addition, the Indonesian Financial Services Authority (OJK) will take over Bappebti’s role as the main regulatory body for crypto industry in January 2025, with the hope to create a more unified and comprehensive regulatory framework for the crypto asset industry in Indonesia. This move is expected to bring greater clarity and certainty to investors and businesses operating in the crypto space, while also promoting innovation and responsible growth.

As Coinfest Asia continues to grow and evolve, it remains committed to fostering innovation, driving adoption, and strengthening the web3 ecosystem in Asia.