Indonesia ranks third globally in cryptocurrency adoption, yet India remains the top for the second consecutive year. Nonetheless, Indonesia aims to become the leader in Asia's crypto market.
Current State of Indonesia's Crypto Market
At present, Indonesia's crypto market is in a transition phase. Experts argue that the changing stance of regulators and government toward cryptocurrencies will help it become Asia's leader. Islamic Coin, the official cryptocurrency of the HAQQ Network, has received approval and is already making waves in the local crypto market.
Adoption and Growth of Cryptocurrencies in Indonesia
According to data, the number of cryptocurrency users in Indonesia grew from 9.9 million in 2021 to 28.43 million in 2024. Approximately 48% of adults in Indonesia reportedly hold cryptocurrencies. This is due to the rising popularity of cryptocurrencies like Bitcoin, Ethereum, Dogecoin, XRP, and USDT. The Indonesian government has also taken steps to regulate the market by introducing licensing requirements for crypto exchanges and launching its own exchange in July 2023.
Outcomes and Prospects
In 2024, cryptocurrency transaction volumes in Indonesia reached a new high of 475 trillion rupiah ($30 billion), representing a 350% increase over 2023. The transaction share of decentralized exchanges exceeded the global average, reaching 43.6%. The reclassification of cryptocurrencies as digital financial assets and the empowerment of the Financial Services Authority to regulate the sector also contribute to improving investor protection, showcasing strong growth in Indonesia's crypto market globally.
With active government support and regulation, Indonesia is poised to take on a larger role in the global cryptocurrency market.
