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Indonesia Crypto Market Surges with 50% Growth in 2022

According to Trade Minister Zulkifli Hasan, the crypto asset industry in Indonesia is growing by nearly 50%. Based on Commodity Futures Trading Regulatory Agency (CoFTRA) data, there will be 11.2 million consumers or users of crypto assets by the end of 2021. This figure had climbed by 48.7% since the end of November 2022, when it stood at 16.55 million individuals on the market.

Surprisingly, that number is dominated by millennials aged 18 to 30. According to Coinfolk research, the six provinces in Indonesia with the highest crypto interest are Bali, DKI Jakarta, Banten, Yogyakarta, Riau Islands, and West Java.

“All of these conditions show that the potential for the crypto asset market in Indonesia is still huge, and Indonesia can become one of the world’s leaders in the crypto asset market,” Zulkifli expounded elaborated during the launch of the ‘Crypto Asset Literacy Month’ Programme in Central Jakarta.

Meanwhile, Indonesia’s physical exchange for crypto assets achieved a transaction value of IDR 296.66 trillion in 2022. This figure is lower than the figure for 2021, IDR 859.4 trillion. In contrast, the transaction value in 2020 was IDR 64.9 trillion.

“Although in 2022, the value of crypto asset exchanges will cause a drop in the market, which will undergo a sluggish (bearish) stock trend, on the other hand, more and more companies, such as Meta, Google, and Twitter, are starting to merge blockchain solutions into their business operations. This demonstrates that the cryptocurrency asset exchange will expand fast this year,” he added.

The Ministry of Trade also hopes that by mid-2023, Indonesia will have a crypto asset exchange organisation that will serve as a hub for crypto asset trading. Crypto asset exchange institutions are required since it is predicted that by 2023, crypto assets will have experienced rapid expansion from the standpoint of blockchain technology, which is the foundation of crypto asset technology.

Blockchain technology, including crypto assets, is still evolving. However, the Indonesian government has attempted to keep up with these advancements by altering numerous legislations to control a fair and equitable crypto asset management environment and emphasise consumer rights. Nevertheless, CoFTRA’s authority still includes supervision and regulation of crypto asset trading as referenced in CoFTRA Regulation No. 13 of 2022, which amends CoFTRA Regulation No. 8 of 2021, which is about Guidelines for Organising Crypto Asset Physical Market Trading on Futures Exchanges.

Furthermore, to meet future difficulties in blockchain technology, such as crypto assets that may affect the financial sector, Law Number 4 of 2023, about the Development and Strengthening of the Financial Sector (UU P2SK), was adopted this year. The P2SK Law is intended to coordinate with one another and strengthen the role of ministries/institutions in the future regulation and deployment of crypto asset trade.

Because cryptocurrency asset trading is highly volatile, the government organised the ‘Crypto Asset Literacy Month’ initiative to raise awareness about the issue. The event was organised in collaboration with the Indonesian Crypto Asset Traders Association by the Ministry of Trade’s Commodity Futures Trading Supervisory Agency (Aspakrindo).

Zulkifli Hasan, Minister of Trade, hopes that the ‘Crypto Asset Literacy Month’ Programme will increase literacy in crypto asset trading by providing the right and appropriate awareness in the community, ensuring the implementation of crypto asset physical market trading conforms with statutory regulations.

“Investing in crypto assets is fraught with danger. The value of crypto assets is erratic by nature, and it can see a significant gain or reduction in value in a short period. As a result, a thorough awareness of the community and the rewards, possibilities, and hazards of trading crypto assets is required. “Crypto Asset Literacy Month 2023 is undoubtedly one strategy to promote public literacy in crypto asset trading,” he concluded.

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