Indonesia’s Crypto Market Sees 4x Investor Growth, Echoing US Tech Boom Era

4x Investor Growth Puts Indonesia’s Crypto Path on Track With US Tech Expansion | Credit: Maksim Konstantinov/SOPA Images/LightRocket via Getty Images

Key Takeaways

Indonesia has experienced rapid growth in crypto adoption since 2022, when the country streamlined its crypto regulations. The number of registered crypto investors surged over 165 million. The Southeastern nation rose to the top 10 of the crypto adoption index, up from its 20th rank in 2022.

Indonesia’s pro-crypto approach has significantly elevated its crypto adoption, a rise mirroring the tech boom in America.

The South Asian nation strikes a balance between innovation and a structured regulatory framework, attracting four times the investor growth.

Indonesia’s Unique Three Pillar Crypto Market

Indonesia’s approach to cryptocurrency regulation has evolved from initial caution and skepticism to a structured, progressive system that recognizes digital assets as commodities and increasingly as financial instruments.

The country’s regulatory bodies have shaped the crypto regulatory framework. Initially, the Commodity Futures Trading Regulatory Agency (Bappebti), under the Ministry of Trade, was responsible, and from 2025 onward, the Financial Services Authority (OJK) took over for enhanced investor protection and integration into the broader financial system.

Jeth Soetoyo, CEO of the Indonesian crypto bourse PT Central Finansial X (CFX), lauded the strategic framework behind the country’s growing crypto market. He credited the country’s unique “Three-Pillar” crypto market structure.

“Indonesia’s unique three-pillar  market structure, which ensures a clear segregation of duties to prevent fraud and provide adequate adherence to high transparency and governance standards, can serve as a global benchmark for  any nation looking to create a crypto market that is both reliable and accountable.”

The three pillars consist of the CFX for the bourse, a dedicated clearing house called Kliring Komoditi Indonesia (KKI), and a custodian, Indonesia Coin Custodian (ICC), all under the supervision of the Financial Services Authority (OJK).

Indonesia’s Crypto Evolution

The first major crypto regulations came in 2019, when Bappebti took the lead. Classifying crypto as “commodities” enabled regulated trading on futures exchanges, legitimizing the market while imposing licensing and AML requirements on exchanges.

By 2022, regulations focused on licensing more assets and platforms were in place, responding to surging trading volumes as Indonesia became Asia’s leading global crypto market.

Tax rules were introduced to capture economic benefits, but enforcement gaps led to crackdowns on unlicensed operators.

Story continues

The institutional inflow in crypto began in 2023 with the launch of a national exchange, and the passage of a landmark financial law marked a shift toward a more integrated ecosystem.

This addressed fragmentation by consolidating trading under official platforms and preparing for a handover to OJK.

Indonesia Sees 4X Crypto Investor Growth

The number of registered crypto investors in Indonesia has increased to 16.5 million as of July 2025, four times higher than the global average of 6%.

The comprehensive regulations have led to compound market growth, with the spot market surging by 5.3% and the futures (perpetual) market growing by 157.7% from quarter to quarter.

This stands in sharp contrast to the global unregulated market, which saw its spot and futures markets decline by 27.7% and 2.52%, respectively, during the same period.

Indonesia’s mainstream adoption is reflected in its rapid ascent in the Global Crypto Adoption Index, rising from 20th place in 2022 to 7th place in 2025.

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