Indonesia emerges as a leader in the Web3 revolution
The country saw $157 billion in crypto inflows from 2023 to 2024, with market growth nearly doubling yearly.
Indonesia is making waves in the global Web3 revolution with its rapid adoption of cryptocurrency and a young, tech-savvy population. Ranked third in the Chainalysis Global Crypto Adoption Index, Indonesia recorded 157 billion dollars in crypto inflows between 2023 and 2024. With nearly 200% year-on-year market growth, the country’s decentralised exchange transactions surpass global averages, reflecting the population’s enthusiasm for digital assets.
The Indonesian government’s support has been a key driver of this growth. Cryptocurrencies were recently reclassified as digital financial assets, a move expected to enhance transparency and investor protection under the Financial Services Authority’s oversight. Meanwhile, crypto is reshaping sectors like e-commerce and remittances, saving Indonesians millions yearly and boosting financial accessibility.
Despite its impressive rise, challenges remain. With less than 8% of the population actively using crypto, significant room exists for growth. Addressing cultural and ethical considerations, including Shariah-compliant financial tools and education initiatives, could unlock this potential. By embracing tailored solutions and fostering partnerships between blockchain and traditional finance, Indonesia is poised to cement its leadership in the Web3 economy.