Indonesia’s cryptocurrency trading activity experienced a 335.9% expansion in 2024, reaching Rp 650.61 trillion ($40.2 billion), as reported by the Jakarta Globe. The Commodity Futures Trading Regulatory Agency (Bappebti) attributed this exponential growth to an increasing user base and higher transaction volumes.
User Base Surpasses 22 Million
According to the report, the number of registered crypto users grew to 22.1 million as of November 2024. Tirta Karma Senjaya, head of Bappebti, noted growing public confidence in cryptocurrency trading and expressed optimism that the user base would surpass 25 million in the near future. Among the most actively traded cryptocurrencies in Indonesia are Tether (USDT), Bitcoin (BTC), Dogecoin (DOGE), Pepe (PEPE), and XRP.
Regulatory Shift and Commodities Market
In a regulatory shift aimed at streamlining oversight, Bappebti announced that its role in cryptocurrency regulation will transfer to the Financial Services Authority (OJK) this year, although the agency will maintain authority over commodity futures trading. The commodity futures market in Indonesia also posted a notable increase in 2024, with trading values rising 29.34% year-on-year to Rp 33,214 trillion ($2 trillion). Tin, crude palm oil, gold, coffee, and cocoa remained the key commodities traded.
ICDX Launch Enhances Transparency
To bolster market transparency and price accuracy, Bappebti introduced the Indonesian Crude Palm Oil Exchange (ICDX) in October 2023. The Jakarta Globe further reported that the ICDX facilitates both spot and futures transactions and operates with the support of 19 ports across Indonesia. Participation in the exchange is voluntary and restricted to domestic entities. The ICDX is expected to set a benchmark for palm oil pricing, bringing greater efficiency to the broader commodity ecosystem.