Indonesia's cryptocurrency trading activity experienced a remarkable 335.9% expansion in 2024, reaching Rp 650.61 trillion ($40.2 billion), according to a report 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 and Top Traded Assets
As of November 2024, the number of registered crypto users in Indonesia grew to 22.1 million. 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 are Tether (USDT), Bitcoin (BTC), Dogecoin (DOGE), Pepe (PEPE), and XRP.
Regulatory Shift
In a regulatory move 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.
Commodity Futures Market Growth
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. 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.