Indonesia hits $30 billion in crypto transactions
With 21 million traders, Indonesia is now one of the largest crypto markets globally.
Indonesia’s cryptocurrency market has hit a new milestone, surpassing $30 billion in transactions as of October 2024, a remarkable 352% increase from last year’s $6.5 billion. The country’s crypto sector, overseen by the Commodity Futures Trading Supervisory Agency (Bappebti), has seen rapid growth, with 21 million traders, making it one of the largest crypto markets globally. However, this year’s total still falls short of the $54 billion target set during the bull market of 2021.
Altcoins like Solana and Ethereum, as well as Bitcoin and Tether, remain popular in the country, with the youth driving the trend. Around 60% of Indonesian crypto investors are aged between 18 and 30 years. The growing popularity of digital assets has earned Indonesia a spot among the fastest crypto adopters worldwide, alongside countries like India and Nigeria.
Looking ahead, Indonesia’s Financial Service Authority (OJK) is set to implement stricter regulations in January 2025, aiming to align crypto assets with other financial instruments. Despite regulatory efforts, Indonesia’s crypto market remains one of the most adaptive in the world.
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