Indonesia’s crypto transactions rose over 350% in a year

Indonesia, one of the most cryptocurrency-friendly countries in the world, has reached a new milestone with transactions worth over 475 trillion Indonesian rupiah, or $30 billion.

The cryptocurrency market in Indonesia has grown significantly, with transactions worth up to $30 billion by October 2024, according to the Commodity Futures Trading Supervisory Authority (Bappebti), the country’s crypto regulator. By comparison, transactions during the same period last year were only $6.5 billion; 352% increase.

According to the report of Investor ID in the local media dated November 28, this transaction amount exceeded the last two years in 2022 and 2023, reaching around $19.4 billion and $6.5 billion, respectively.

However, the number of transactions this year is still below the $54 billion target or equal to transactions in 2021, when the cryptocurrency market was in bullish mode.

The number of crypto investors has also increased to 21 million people, with around 716,000 investors using the locally registered exchange. It is marked as one of the largest countries with crypto traders so far.

“This proves that crypto asset trading is one of the trading options that people are interested in,” said Kasan, president of crypto regulator Bappebti.

Indonesia: Asia’s fastest adopter of another cryptocurrency

Chainalytics Global Crypto Adoption Index ranks Indonesia as one of the fastest crypto adopters in the world, along with India and Nigeria. This success has also enabled the country to remain among the top 20 global countries with the fastest crypto adoption for at least 3 years in a row.

The Financial Services Authority (OJK) has also stepped up efforts to regulate the sector, which will be regulated on January 12 next year, under the same rules as other financial instruments.

The regulator also noted that Indonesia’s favorite cryptocurrency is dominated by altcoins, including Solana (SOL) and Ethereum (ETH), stablecoin Tether (USDT) and Bitcoin (BTC).

The younger generation in Indonesia also dominates the crypto industry; 60% of the young population consists of crypto investors between the ages of 18 and 30.