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

Indonesia, one of the most adaptive countries for crypto in the world, has reached a new milestone with transactions of over 475 trillion Indonesian rupiah, or $30 billion.

The country’s crypto regulator, Commodity Futures Trading Supervisory Agency (Bappebti), cryptocurrency market in Indonesia has grown significantly, with transactions of up to $30 billion until October 2024. In comparison, the transactions in the same period last year were only $6.5 billion, or an increase of 352%.

According to a report by local media report Investor ID on Nov. 28, this amount of transactions exceeds the last two years in 2022 and 2023, which accumulated around $19.4 billion and $6.5 billion, respectively.

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

The number of crypto traders has also risen to 21 million people, and around 716,000 traders are using the local registered exchange. Marking it as one of the largest countries with crypto traders so far.

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

Indonesia: another Asia’s fastest crypto adopters

Chainalysis Global Crypto Adoption Index placed Indonesia as one of the fastest crypto adopters in the world, along with India and Nigeria at the highest ranks. This achievement also made the country stay in the top 20 global nations with the fastest crypto adoptions for at least 3 years in a row.

The Financial Service Authority (OJK) also ramped up the effort to regulate the sector under the same rule as any other financial instrument, which will be supervised on Jan. 12 next year.

Regulator also mentioned that Indonesia’s favorite crypto is dominated by altcoin, which includes Solana (SOL) and Ethereum (ETH), as well as stablecoin Tether (USDT), and Bitcoin (BTC).

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