Indonesia Crypto Web3 Report 2023 Unveils 5 Key Insights

JAKARTA, Indonesia, Jan. 12, 2024 /PRNewswire/ -- Asosiasi Blockchain dan Pedagang Aset Kripto Indonesia/Indonesian Blockchain and Crypto Asset Exchanges Association (A-B-I & Aspakrindo), in collaboration with Coinvestasi, has released the highly anticipated "Indonesia Crypto and Web3 Report 2023". This comprehensive report presents crucial insights that serve as a valuable reference and illustration of the dynamic growth within the crypto and Web3 industry in Indonesia. Here are five noteworthy highlights from the report:

1. Soaring Crypto Adoption in Indonesia
   Securing its place on the global stage, Indonesia now ranks seventh in the Chainalysis Global Crypto Adoption Index. This impressive climb from 13 in 2022 underscores Indonesia's pivotal role in driving global crypto adoption.
2. Surging Transaction Volume and Investor Numbers
   Despite market volatility, Indonesia experienced robust growth in crypto transaction volume and investor's confidence throughout 2023. Notably, the country recorded a transaction value of IDR 122 trillion from January to September, with a significant spike in crypto transaction volume in November 2023.
   The Indonesian crypto market witnessed a surge in the number of investors, reaching 18.25 million from January to November 2023. This marks a substantial increase from the 16.55 million investors recorded in the same period in 2022. The monthly increase in registered customers averaged 437,900, with Java Island dominating at 63.6%. The most traded crypto assets included USDT, BTC, as well as emerging ones like SHIB and DOGE.
3. Innovation Support
   As a commitment to foster innovation in the blockchain technology, Indonesia, through the Ministry of Communication and Informatics (Kominfo), has issued the Ministerial Regulation Number 3 of 2021. Collaborating with relevant stakeholders, Kominfo advocates for the creation of sandbox regulations across various technology-related sectors, including fintech, telecommunications, and digital services.
4. Crypto Surveillance Transition
   Under the oversight of the Commodity Futures Trading Regulatory Agency (Bappebti), crypto assets are treated as commodities in line with the country's economic strategy. This regulatory paradigm will evolve with the transition to supervision by the Financial Services Authority (OJK), aligning with the Law Number 4 of 2023. Key regulations such as CoFTRA Regulations Number 13 of 2022 and 8 of 2021 play a pivotal role in establishing a compliant and structured environment for crypto assets trading, especially on futures exchanges.
5. Expanded Crypto Trading and Web3 Ecosystem
   The number of registered local crypto exchanges in Indonesia surged from 25 in 2022 to 32 in 2023. Additionally, the country saw an increase in the number of legally traded crypto assets, reaching 501 in 2023 compared to 383 in 2022. The completion of Indonesia's crypto trading ecosystem in 2023 includes the inauguration of PT Bursa Komoditi Nusantara as the Indonesian crypto futures exchange, PT Kliring Berjangka Indonesia as the clearing house, and PT Tennet Depository Indonesia as the depository for crypto assets.

Indonesia's journey in the crypto and Web3 sectors throughout 2023 demonstrates a mature and innovative strategy. From regulatory development and market expansion to the growing number of investors and technology integration, Indonesia exhibits a profound understanding of the potential of the crypto and Web3 sectors. The publication of this report serves as a positive step, providing stakeholders with insights into the dynamics of Indonesia's crypto and Web3 industry. The Association remains committed to strengthening the positioning of domestic crypto and Web3 projects at the national level, aiming to stimulate the growth of Indonesia's broader digital economic ecosystem, as stated by Danny Baskara, Vice Chairman for Blockchain of ABI & Aspakrindo.

For more comprehensive information regarding the development of the crypto industry and Web3 in Indonesia, access the full report here.

source: Asosiasi Blockchain Indonesia