Indonesia’s Crypto Currency Market Surges

Indonesia’s cryptocurrency market has experienced extraordinary growth in 2024, with transaction volumes reaching USD 30 billion by October, a 352 percent increase compared to USD 6.5 billion in the same period last year, according to reporting from DeFi Planet.

A November 28 report from local news outlet Investor ID quoting data released by the country’s financial regulator, the Commodity Futures Trading Supervisory Agency (Bappebti), highlighted that this year’s transaction volume has already surpassed the combined totals of 2022 (USD 19.4 billion) and 2023 (USD 6.5 billion). However, the market still fell short of the USD 54 billion target, a figure last seen during the 2021 cryptocurrency bull run, says DeFi Planet.

The number of cryptocurrency traders in Indonesia has also increased to 21 million, with 716,000 users actively trading on locally registered exchanges. This positions the country as one of the largest globally in terms of crypto adoption.

“This proves that crypto asset trading is one of the trading options in demand by the public,” Kasan, head of Bappebti, reportedly stated.

DeFi Planet says Indonesia recently climbed to third place on Chainalysis’ global crypto adoption index, overtaking Vietnam. The country now trails only India and Nigeria, which has held the top position since 2023. The report attributed the global rise in crypto adoption to increased activity across income levels, despite slowing activity in high-income nations.

Younger Indonesians are fueling this growth. Another local news outlet, Kompas reported that 26.9 percent of crypto investors were aged 18 to 24, and 35.1 percent were between 25 to 30 as of September 2024. Kasan noted that Gen Z and Millennials are drawn to cryptocurrency as an alternative to traditional investments like stocks and gold.

Meanwhile, amid this growth, Bappebti has enforced stricter regulations. Exchanges in the country have been asked to secure the “Physical Crypto Asset Traders license” by late November 2024. The extension granted to “Prospective Crypto Asset Physical Traders” for meeting compliance standards has been widely praised, including by Oscar Darmawan, CEO of INDODAX, for ensuring alignment with regulatory standards, says DeFi Planet.

Bappebti has set a late November 2024 deadline for crypto exchanges to secure the “Physical Crypto Asset Traders license.” Exchanges listed as Prospective Crypto Asset Physical Traders received an extension to meet compliance requirements, a decision praised by INDODAX CEO Oscar Darmawan for supporting regulatory alignment.

Source: DeFi Planet

Stock photo by Alesia Kozik On Pexels

 

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Andrzej Barski

Director of Seven Stones Indonesia

Andrzej is Co-owner/ Founder and Director of Seven Stones Indonesia. He was born in the UK to Polish parents and has been living in Indonesia for more than 33-years. He is a skilled writer, trainer and marketer with a deep understanding of Indonesia and its many cultures after spending many years travelling across the archipelago from North Sumatra to Irian Jaya.

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Terje is from Norway and has been living in Indonesia for over 20-years. He first came to Indonesia as a child and after earning his degree in Business Administration from the University of Agder in Norway, he moved to Indonesia in 1993, where he has worked in leading positions in education and the fitness/ wellness industries all over Indonesia including Jakarta, Banjarmasin, Medan and Bali.

He was Co-owner and CEO of the Paradise Property Group for 10-years and led the company to great success. He is now Co-owner/ Founder and Director of Seven Stones Indonesia offering market entry services for foreign investors, legal advice, sourcing of investments and in particular real estate investments. He has a soft spot for eco-friendly and socially sustainable projects and investments, while his personal business strengths are in property law, tourism trends, macroeconomics, Indonesian government and regulations. His personal interests are in sport, adventure, history and spiritual experiences.

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Per is the Managing Director of the Seven Stones Indonesia (SSI) Jakarta office and has more than 25-years’ experience in Indonesia, China, and Western Europe. He previously worked in senior management positions with Q-Free ASA, Siemens AG, and other companies in the telecom sector. Over the last six years, he has been the Chairman of the Indonesia-Norway Business Council (INBC) and recently become elected to be on the board of EuroCham Indonesia.

His most recent experience is within Intelligent Transport Solutions (ITS), Telecom, and other sectors within the Indonesian market. He is today through his position in SSI and by representing Norway Connect, promoting Nordic and European companies that would like to explore business opportunities in the Indonesian market. He’s also playing an active role to help create the Nordic House concept in Jakarta that will provide an excellent platform for Nordic companies entering Indonesia, where they’ll find a community that can offer support with trusted information and affordable services to enter this market.

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Ridwan is one of Indonesia’s top executives with a long and illustrious career in the financial world. He holds several professional certifications including being a Certified Business Valuer (CBV) issued by the Australian Academy of Finance and Management; Broker-Dealer Representative (WPPE); and The Directorship Certification for Directors and Commissioners, issued by the Indonesian Institute of Commissioners and Directors.

His experience includes being the Managing Director at one of the top investment banking groups in the region, the Recapital Group, the CFO at State-owned enterprises in fishery industry and the CEO at Tanri Abeng & Son Holding. He’s also been an Independent Commissioner in several Financial Service companies and on the Audit and Risk Committee at Bank BTPN Tbk, Berau Coal Energy Tbk, Aetra Air Jakarta as well as working for Citibank, Bank Mandiri and HSBC. His last position was as CFO at PT Citra Putra Mandiri – OSO Group.

Ridwan has won a number of prestigious awards including the Best CFO Awards 2019 (Institute of Certified Management Accountant Australia-Indonesia); Asia Pacific Young Business Leader awarded by Asia 21 Network New York USA (Tokyo 2008); UK Alumni Business Awards 2008 awarded by the British Council; and The Most Inspiring Human Resources Practitioners’ version of Human Capital Magazine 2010.

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