Indonesia’s Crypto Surge: 352% Growth and Rp475 Trillion in Transactions for 2024
Wednesday, 27 November 2024Join +6,000 readers who get weekly insights to the Indonesian crypto market
Indonesia’s cryptocurrency market has witnessed an extraordinary surge, with transactions totaling Rp475.13 trillion between January and October 2024—a stunning 352.89% increase compared to Rp104.91 trillion during the same period in 2023. This growth solidifies Indonesia’s status as a key player in the digital asset space, bolstered by rising public interest and progressive regulatory initiatives.
“Bappebti noted that the development of the value of crypto asset transactions in Indonesia managed to penetrate Rp475.13 trillion in January–October 2024. This value increased by 352.89 percent compared to the same period in 2023, which was Rp104.91 trillion. This proves that crypto asset trading is one of the trading options that is in demand by the public,” said Kasan, Head of Bappebti, on Thursday (11/21) in Jakarta.
Read more: Cryptocurrency Taxation in Indonesia
Crypto Growth Boosts Tax Revenue and User Base
The explosive growth in crypto transactions has also contributed significantly to Indonesia’s tax revenues, with cryptocurrency-related taxes reaching Rp942.88 billion from 2022 to October 2024. This underscores the government’s strategic efforts to integrate crypto into the formal economy. However, the rapid pace of innovation in the market presents ongoing challenges in maintaining compliance and streamlining tax systems.
Kasan revealed that as of October 2024, the number of registered crypto customers in Indonesia reached 21.63 million, with 716,000 active traders under licensed entities. The dominance of the 18–35 age group—comprising 75% of users—highlights the role of younger generations as a driving force in market activity and innovation.
“Currently, the increase in the number of customers shows the potential of the crypto asset market in Indonesia, which is still very large. In the future, Indonesia is expected to be able to become one of the leaders of the crypto market in the world,” Kasan added.
Among the most actively traded crypto assets are Tether (USDT), Ethereum (ETH), Bitcoin (BTC), Pepe (PEPE), and Solana (SOL). This mix of established and emerging digital assets reflects the diverse preferences of Indonesian traders and the vibrant nature of the market.
Read more: The Youth Movement Behind Indonesia’s Crypto Growth
Strengthening Governance and Public Trust
To support the rapid expansion of the crypto market, Bappebti is intensifying its efforts to build trust and strengthen governance through collaboration with Self-Regulatory Organizations (SROs), associations, and other stakeholders. These initiatives aim to enhance public literacy, create a safer trading environment, and establish clearer regulations.
“The high enthusiasm of the public for crypto assets must be balanced with comprehensive education and literacy. Strengthening literacy is expected to be an effective step in increasing protection for the public, providing certainty of doing business for industry players, and reducing complaints. This strategic step is also expected to provide security and comfort for the public, increasing trust in crypto asset trading in Indonesia,” explained Kasan.
As Indonesia’s crypto market continues to break records, its growth trajectory suggests a bright future. Don’t miss the opportunity to explore this booming market! Whether you’re an investor, innovator, or business leader, we can help you navigate Indonesia’s dynamic crypto landscape. Schedule a consultation with our expert now!