Indonesia has emerged as one of the world’s Top 10 crypto markets, driven by large-scale retail adoption, accelerating on-chain activity, and a major regulatory shift that places digital assets under full financial supervision. Indonesia now ranks 4th in Asia-Pacific for on-chain transaction value and sits alongside India, South Korea, and Vietnam as a core engine of regional crypto adoption. The country is home to more than 19 million active crypto users, making it one of the largest retail-driven crypto markets globally. The report combines primary nationwide survey data with on-chain analysis, transaction statistics, and regulatory review to examine how Indonesia’s crypto market evolved from a fast-growing retail phenomenon into a structured, institution-ready ecosystem.
Indonesia is no longer just a high-adoption market, it’s becoming one of the most operationally complete crypto ecosystems in Southeast Asia, the report notes, citing regulatory clarity, market infrastructure, and user behavior as key differentiators. A major turning point highlighted in the report is the transition of crypto oversight to the Financial Services Authority (OJK) in January 2025. The move reclassified crypto from a commodity to a digital financial instrument, introducing unified supervision, clearer compliance standards, and formal regulation of crypto derivatives. Licensed crypto exchanges increased sharply to 25 platforms nationwide.
Regulated crypto derivative trading reached Rp86.25 trillion by September 2025. Crypto-related tax revenue reached Rp1.76 trillion as of October 2025. This regulatory clarity has coincided with renewed market activity. Indonesia’s annual crypto transaction volume rebounded to Rp650.6 trillion (US$39.0 billion) in 2024, with Rp446.77 trillion (US$26.8 billion) recorded year-to-date in 2025.
Unlike many markets, Indonesia’s crypto economy remains overwhelmingly retail-driven, but not speculative-heavy. Survey data shows that 58.2% of users hold crypto as a long-term investment, while only 20.2% primarily engage in short-term trading. Crypto awareness is also exceptionally high. 93% of Indonesians surveyed are familiar with cryptocurrency, yet the report identifies a critical growth gap: around 7% remain outside the market despite being familiar with crypto, mainly due to lack of understanding rather than lack of interest. This creates one of the largest latent crypto audiences globally, education, not incentives, will define the next phase of adoption.
The report also points to expanding market infrastructure, potential new Self-Regulatory Organization (SRO) participants, and growing institutional involvement in blockchain and Real-World Asset (RWA) tokenization as signals of Indonesia’s next growth phase. Several rupiah-pegged stablecoins are already in circulation, while additional initiatives move through OJK’s regulatory sandbox, underscoring how closely product rollout is tied to regulatory readiness and local infrastructure. Beyond headline growth, the data highlights Indonesia as a market where entry outcomes are shaped by regulatory navigation, user education, and distribution partnerships rather than scale alone. The 7th Edition of Indonesia Crypto & Web3 Report 2025 is increasingly used by global exchanges, Web3 builders, and financial institutions to assess market readiness, entry risks, and localization strategies in Southeast Asia’s largest crypto economy.
About: The 7th Edition of Indonesia Crypto & Web3 Report 2025, by Indonesia Crypto Network (ICN) and Coinvestasi, provides a data-driven view of Indonesia’s crypto and Web3 market, drawing on survey data, on-chain analysis, and regulatory review. Now in its seventh consecutive edition, the report reflects ICN and Coinvestasi’s consistent leadership in tracking and shaping Indonesia’s crypto market narrative, and is widely used by global and regional stakeholders to assess market readiness and entry strategies. The full report provides a comprehensive breakdown of user behavior, regulation, market structure, and future opportunities in Southeast Asia’s largest crypto market. Looking ahead to 2026, the report identifies stablecoins, institutional participation, and market education as the next inflection points for Indonesia’s crypto ecosystem.
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