Indonesian crypto market saw remarkable growth in 2024, with trading activity surging by 335.9%, reaching Rp 650.61 trillion ($40.2 billion), according to the Jakarta Globe.
The rapid expansion was driven by a growing user base and an increase in transaction volumes, as stated by the Commodity Futures Trading Regulatory Agency (Bappebti).
As of November 2024, the number of registered crypto users in Indonesia had risen to 22.1 million. Bappebti’s head, Tirta Karma Senjaya, expressed confidence in the Indonesian crypto market's future, predicting that the user base could exceed 25 million in the near future due to growing public trust in cryptocurrency trading.
Among the top cryptocurrencies traded in Indonesia are Tether (USDT), Bitcoin (BTC), Dogecoin (DOGE), Pepe (PEPE), and XRP.
Bappebti also announced a transfer of cryptocurrency regulation responsibilities to the Financial Services Authority (OJK) this year while retaining authority over commodity futures trading.
In addition to cryptocurrency, Indonesia’s commodity futures market also experienced significant growth in 2024, with a 29.34% year-on-year increase in trading values, reaching Rp 33,214 trillion ($2 trillion). Key commodities in the market included tin, crude palm oil, gold, coffee, and cocoa.