Indonesia’s Crypto Transactions Surpass $30 Billion in 2024 with 21 Million Participants

Indonesia’s cryptocurrency market has achieved a notable milestone, surpassing 475 trillion Indonesian rupiah (around $30 billion) in transactions as of October 2024.

This represents a substantial rise from the $6.5 billion in transactions recorded during the same timeframe last year, indicating a growth of 352%.

Indonesia Maintains Leadership in Global Crypto Adoption, Ranking in the Top 20

As reported by the Commodity Futures Trading Supervisory Agency (CoFTRA), the market’s remarkable growth indicates that cryptocurrency transactions in 2024 have already exceeded the total of $19.4 billion noted in 2022.

INDONESIAN CRYPTO BOOM: $30B TRANSACTIONS IN 2024!
Indonesia’s crypto landscape is thriving with $30B in transactions in 2024, a 350% increase!
They’ve made a strong recovery after the significant downturn in 2022, but it remains a distance from the $54B peak.
Nonetheless, they’re nowhere… pic.twitter.com/hyjf4DdaIJ

— Mario Nawfal’s Roundtable (@RoundtableSpace) November 29, 2024

Nevertheless, Indonesia’s crypto transactions are still behind the figures from 2021, when they reached approximately $54 billion, primarily due to a bullish market that year.

The increase in transactions is paralleled by a rising number of crypto traders in Indonesia. The nation now has 21 million crypto traders, with 716,000 utilizing local registered exchanges.

This positions Indonesia among the largest countries in terms of the number of crypto traders.

Source: Chainalysis

The most recent data also reinforces Indonesia’s position in Chainalysis’s Global Crypto Adoption Index, which identifies Indonesia as one of the fastest-growing adopters of cryptocurrency globally, alongside India and Nigeria.

Young Investors Propel Crypto Growth in Indonesia, with 60% of Users Aged 18 to 30

The Indonesian crypto market experienced considerable volatility following the 2021 peak, mainly due to the implementation of a “dual taxation” policy in 2022.

This policy imposed a 0.1% tax on crypto profits in addition to standard income taxes, leading to a significant drop in market activity.

Despite this challenge, recent data indicates a promising recovery, with 2024 transaction totals already exceeding those of the previous two years combined.

Indonesia’s remarkable recovery is evident in its ranking as the third-highest country on Chainalysis’s Global Cryptocurrency Adoption Index, with the nation continuing to lead the Oceania/Asia region.

Seven of the top ten countries in the index are from this region, with only India and Nigeria ahead of Indonesia in terms of adoption.

Recent regulatory changes in Indonesia, including the easing of restrictions on institutional investment through CoFTRA Regulation (PerBa) Number 9 of 2024, may have played a role in the cryptocurrency rally observed in September.

Moreover, there have been suggestions for the government to reevaluate the “double tax” policy as part of broader policy revisions following President Prabowo Subiant’s reorganization efforts after assuming office in October.

According to Bappebti data, the majority of crypto users in Indonesia are aged 30 and younger, with over 60% of investors falling between the ages of 18 and 30. In September 2024, crypto transactions in the country amounted to $2.1 billion.

This aligns with Indonesia’s ongoing position among the top 20 global nations for rapid crypto adoption over the past three years.

Popular assets include Bitcoin, Ether, Tether, and Solana. This trend reflects global patterns, with millennials and Gen Z increasingly engaging in crypto investments.

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