Crypto trading in Indonesia surged 335.9% in 2024, fueled by user growth and expanding transaction volumes.
Crypto Market in Indonesia Sees Explosive Growth
Indonesia’s cryptocurrency market experienced a remarkable 335.9% increase in 2024, with trading volumes reaching Rp 650.61 trillion ($40.2 billion). The Commodity Futures Trading Regulatory Agency (Bappebti) attributed the growth to a rising user base and increased transaction activity.
User Base Expansion Boosts Confidence
As of November 2024, registered crypto users in Indonesia reached 22.1 million, with projections to exceed 25 million soon. Bappebti’s head, Tirta Karma Senjaya, cited growing public confidence in crypto trading as a driving factor behind this rapid expansion.
Popular Cryptocurrencies Among Indonesian Traders
The most actively traded cryptocurrencies included tether (USDT), bitcoin (BTC), dogecoin (DOGE), pepe (PEPE), and XRP. This diversity reflects the market’s maturity and user preference for various crypto assets.
Regulatory Changes on the Horizon
In a significant regulatory update, Bappebti announced its role in overseeing cryptocurrency trading will shift to the Financial Services Authority (OJK) in 2025. However, Bappebti will continue to regulate commodity futures markets.
Commodities Market Growth
Indonesia’s commodity futures trading also saw a rise, with trading values increasing 29.34% year-on-year to Rp 33,214 trillion ($2 trillion). Key commodities traded include tin, crude palm oil, gold, coffee, and cocoa.
Indonesian Crude Palm Oil Exchange (ICDX)
Launched in October 2023, the ICDX enhances market transparency and price accuracy. Supporting both spot and futures transactions, the exchange operates with the participation of 19 ports across Indonesia, restricted to domestic entities.
Disclaimer:
The information provided on 13Desk is for informational purposes only and should not be considered financial advice. We strongly recommend conducting your own research and consulting with a qualified financial advisor before making any investment decisions. Investing in cryptocurrencies carries risks, and you should only invest what you can afford to lose. 13Desk is not responsible for any financial losses incurred from your investment activities.
