Indonesian cryptocurrency transactions cross $30B for 2024

The Indonesian cryptocurrency market surpassed $30 billion in transactions for the period between January and October 2024, marking a 350% year-over-year increase and the highest total since the 2021 bull market. 

According to data from the Commodity Futures Trading Supervisory Agency, Indonesia recorded approximately $6.5 billion in cryptocurrency transactions through the same period in 2023, a marked decrease from the nation’s estimated $19.4 billion through all of 2022. 

Indonesian crypto recovery

The cryptocurrency market throughout Indonesia has experienced extended turbulence in the wake of its 2021 high of approximately $54 billion. 2022 saw a significant decrease, largely attributed to the “dual taxation” policy implemented by the government, which saw a 0.1% tax added to crypto gains on top of standard gains taxes. 

Despite the setback, recent indicators demonstrate that the Indonesian market is recovering, with 2024 transaction totals to date exceeding those of the previous two years combined. 

Indonesia and the greater Oceana/Asia market remain the top areas by geography for global cryptocurrency adoption, per Chainalysis’ Global Cryptocurrency Adoption index, with seven of the top ten countries part of the region. Only India and Nigeria top Indonesia on the list. 

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Oceana adoption

As Cointelegraph recently reported, over 60% of cryptocurrency investors in Indonesia are under the age of 30. While broader trends show that “millennials” — typically considered those born between 1985 and 2004 — hold the lion’s share of crypto globally, the relatively higher adoption rates throughout Oceana and Indonesia might be attributed to the age range skewing lower than European and US markets. 

Recent policy changes in Indonesia may have contributed to the September cryptocurrency rally, with the government relaxing restrictions on institutional investment via CoFTRA Regulation (PerBa) Number 9 of 2024.

Insiders have asked the government to reconsider the aforementioned “double tax” on crypto amid widespread policy rewrites stemming from the newly appointed government’s reorganization efforts, which began after President Prabowo Subiant took office in October. 

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