Indonesia's Crypto Transactions Surge Over 350 / in One Year, Reaching $30 Billion

Indonesia, known for its rapidly growing cryptocurrency adoption, has reached a major milestone with over 475 trillion Indonesian rupiah (approximately $30 billion) in crypto transactions as of October 2024. This marks a staggering 352% increase from the $6.5 billion in transactions recorded during the same period last year.

According to a report by local media outlet Investor ID on November 28, the current transaction volume for 2024 already surpasses the combined total of the previous two years, which amounted to $19.4 billion in 2022 and $6.5 billion in 2023. However, it still falls short of the 2021 peak, where the market reached a bullish high of $54 billion in transactions.

As the cryptocurrency landscape in Indonesia continues to expand, the number of active crypto traders has soared to 21 million, with 716,000 traders engaging on local registered exchanges. This surge places Indonesia among the global leaders in cryptocurrency adoption.

Indonesia Among Asia's Leading Crypto Adopters

According to the Chainalysis Global Crypto Adoption Index, Indonesia remains one of the fastest-growing crypto markets in the world, alongside other nations like India and Nigeria. This rapid adoption has placed the country consistently in the top 20 for the past three years.

The country’s crypto market is regulated by the Commodity Futures Trading Supervisory Agency (Bappebti), and the Financial Services Authority (OJK) has stepped up efforts to align crypto regulations with traditional financial instruments. Starting January 12, 2025, Indonesia will enforce stricter regulations to ensure better oversight and investor protection.

Popular Cryptos in Indonesia

Among the most popular cryptocurrencies in Indonesia are altcoins like Solana (SOL), Ethereum (ETH), and stablecoins such as Tether (USDT), alongside Bitcoin (BTC). The young demographic, particularly those between the ages of 18 and 30, makes up a significant portion of the crypto investor base, with around 60% of this group actively involved in the crypto space.

With growing adoption and regulatory measures in place, Indonesia’s crypto market is poised to continue its upward trajectory, contributing to its position as one of the leading nations in global cryptocurrency adoption.