Indonesia’s cryptocurrency market experienced explosive growth in 2024, with transaction value reaching Rp 650.61 trillion ($40.2 billion), up 335.9% from the previous year.
The sharp increase was announced by Commodity Futures Trading Regulatory Authority (Bappebti) chairman Tirta Karma Senjaya at a press conference in South Tangerang, Banten.
As of November 2024, there are approximately 22.1 million registered cryptocurrency users in Indonesia, a significant increase that indicates the public's growing confidence in crypto trading.
“These figures show the growing public confidence in cryptocurrency trading in Indonesia,” Tirta said, adding that the number of users is expected to reach 25 million in the near future. The increase in trading activity marks a sharp jump from the total of Rp 149.25 trillion ($9.2 billion) in 2023.
The most actively traded cryptocurrencies in Indonesia include major assets such as Tether (USDT), Bitcoin (BTC), Dogecoin (DOGE), Pepe (PEPE) and XRP (XRP).
Starting this year, Bappebti will transfer its regulatory oversight of cryptocurrency trading to the Financial Services Authority (OJK), although the agency will continue to manage commodity futures, which has seen significant growth.
*This is not investment advice.
