Holiday Ayo - Growing public interest and regulatory support from the government have encouraged the crypto industry in Indonesia to grow rapidly until March 2024. 

Chief Executive of Financial Sector Technology Innovation Supervision (ITSK), Digital Financial Assets and Crypto Assets (IAKD) OJK Hasan Fawzi said the number of crypto investors in Indonesia reached 19.75 million in March 2024. That number increased by around 570,000 investors from the previous month. 

In line with the increase in the number of investors, the value of crypto transactions was recorded at IDR 103.58 trillion. 

This figure shot up 207.5 percent from the previous month's IDR 33.69 trillion. 

“The total accumulated value of crypto asset transactions throughout 2024 was recorded at IDR 158.84 trillion," said Hasan, at the April 2024 RDKB press conference, quoted Tuesday (14/5). 

Responding to these developments, OJK ensures that it continues to encourage increased digital financial literacy and inclusion, strengthening a sustainable digital financial ecosystem, as well as ethical and responsible business practices, especially related to the application of Artificial Intelligence in the ITSK sector.

Meanwhile, Indodax CEO Oscar Darmawan said, “The increase in crypto transactions reflects the potential of the crypto market in Indonesia and shows that crypto assets are increasingly being accepted as a promising investment alternative”.

According to him, one of the main factors driving the surge in crypto transactions was the increase in the price of bitcoin followed by the increase in other coins.

With the increase in the price of bitcoin to above IDR 1 billion, investors are considered to tend to carry out more active transactions, causing a significant increase in trading volume. 

“We see positive growth in the value of crypto transactions in Indonesia," he said. 

Oscar also confirmed that to facilitate an increase in investors and crypto transactions, proper supervision and proper education are needed to ensure the sustainable growth of the crypto industry. 

Indodax will support this education through training platforms, webinars and free educational materials, namely Indodax Academy. 

“The growing interest in crypto assets in Indonesia encourages us to remain committed to advancing the crypto ecosystem in Indonesia," said Oscar.