Cryptocurrencies are booming in Indonesia, the world’s largest Muslim-majority country. The Financial Services Authority (OJK) reported 19.56 million crypto asset trading consumers as of November 2025, up 2.5% month-to-month, with crypto asset transactions totaling about Rp 482.23 trillion ($28.8 billion) in 2025. Anggito Abimanyu, chairman of the Deposit Insurance Agency (LPS), said cryptocurrencies would fall into the non-halal category due to the lack of a ruling confirming Islamic transaction principles. Crypto has not had any Sharia fatwa to this day and does not comply with Sharia terms because it lacks an underlying asset.
In 2021, the Indonesian Ulema Council (MUI) labeled the use of crypto as a currency haram due to its uncertain and potentially harmful nature. The council found cryptos as a digital asset cannot be traded, even likening them to gambling, a definite no-no for Muslims. Cryptos fail to meet the requirement as a valid commodity (sil’ah) since they do not exist in physical form. The council indicated that crypto could be approved as an asset only if it satisfies valid commodity principles, has an underlying asset, and offers clear benefits.
The ongoing halal debate and regulatory considerations are shaping Indonesia’s crypto policy landscape. Market participants watch for clearer fatwas and asset-backed frameworks that could align digital assets with Islamic finance principles while preserving the sector’s growth.
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