Over 60% of crypto investors in Indonesia are under 30

A majority of crypto users in Indonesia are age 30 and below, according to data released by the country’s commodities regulator in September.

Data released by the Commodity Futures Trading Regulatory Agency (Bappebti) and local crypto platforms in Indonesia show that over 60% of crypto investors in the country are 18 to 30 years old. The September report revealed that 26.9% were aged 18 to 24, while 35.1% were aged 25 to 30. 

Beyond demographics, Bappebti also reported that the total volume of crypto asset transactions reached 33.67 trillion Indonesian rupiah, about $2.1 billion. In September, the number of crypto users in Indonesia reached 21.27 million.

The agency also noted that Indonesians primarily traded Tether’s USDt (USDT), Ether (ETH), Bitcoin (BTC), Pepe (PEPE) and Solana (SOL). 

Crypto regulations in Indonesia

In Indonesia, crypto assets are officially recognized as commodities, which means Bappebti has established a structured framework for crypto trading. However, crypto users in Indonesia face challenges from the country’s dual tax system for crypto transactions. 

Indonesians continue to use digital assets despite the dual taxation. In 2022, Indonesia implemented a 0.11% value-added tax and a 0.1% capital gains tax on crypto transactions.

However, Bappebti has urged the government to reassess its taxation rules for cryptocurrencies. On March 2, executive staff at Bappebti requested a reassessment of the tax regime in Indonesia. Tirta Karma Senjaya, head of the Bureau of Market Development and Development at Bappebti, explained that crypto may soon become an integral part of the country’s economy. 

“Because later on, cryptocurrencies will become part of the financial sector, we expect a commitment from the Directorate General of Taxes to evaluate these taxes,” Senjaya said. 

Related: Indonesian postal service launches NFT stamps

Crypto attracts the younger generation

The demographics of crypto users in Indonesia reflect a broader trend worldwide. In the United States, a survey done by Policygenius showed that 20% of Gen Z adults (ages 18–26) and 22% of millennials (ages 27–42) are more likely to invest in crypto assets than the older generation. 

In 2023, a Bitget study featuring 255,000 respondents in 26 countries showed that 46% of millennials across major economies own cryptocurrencies. 

Magazine: Become a Bali crypto digital nomad like me: Here’s how