Indonesia’s Crypto Market Soars 335.9% in 2024, Reaching $40 Billion in Trading Volume
Indonesia’s cryptocurrency trading activity surged by an impressive 335.9% in 2024, reaching a staggering Rp 650.61 trillion ($40.2 billion), according to a report by the Jakarta Globe. The Commodity Futures Trading Regulatory Agency (Bappebti) attributed this growth to an expanding user base and rising transaction volumes.
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As of November 2024, the number of registered cryptocurrency users in Indonesia climbed to 22.1 million. Tirta Karma Senjaya, head of Bappebti, expressed confidence in the public’s growing trust in crypto trading, forecasting that the user base could surpass 25 million soon.
Popular cryptocurrencies among Indonesian traders include tether (USDT), bitcoin (BTC), dogecoin (DOGE), pepe (PEPE), and XRP. In a key regulatory shift, Bappebti announced that its role in crypto regulation would transition to the Financial Services Authority (OJK) in 2024, while retaining authority over commodity futures trading.
The country’s commodity futures market also witnessed significant growth in 2024, with trading values increasing by 29.34% year-on-year to Rp 33,214 trillion ($2 trillion). Tin, crude palm oil, gold, coffee, and cocoa remained the top-traded commodities.
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To enhance transparency and price accuracy in commodity trading, Bappebti introduced the Indonesian Crude Palm Oil Exchange (ICDX) in October 2023. The ICDX enables both spot and futures transactions, supported by 19 ports nationwide. Participation in the exchange is voluntary and restricted to domestic entities, further strengthening Indonesia’s position in global markets.
