🚨Indonesia cryptocurrency market surged 335.9% in 2024, reaching $40.2 billion, driven by user growth, trading activity, and market innovation🔥🚀💫
Indonesia's crypto market is indeed booming, with a remarkable 335.9% growth in 2024, reaching $40.2 billion in transaction value.¹ This surge is driven by increasing user growth, trading activity, and market innovation. As of November 2024, the number of registered cryptocurrency users in Indonesia reached 22.1 million, with 716,000 users actively trading on locally registered exchanges.²
The country's crypto market is primarily driven by trading, with a focus on popular cryptocurrencies like Tether, Bitcoin, Dogecoin, Pepe, and XRP. Indonesia has also become a hub for altcoins and meme tokens, attracting traders and investors looking for opportunities in these emerging asset classes.
Notably, Indonesia has risen to third place on Chainalysis' global crypto adoption index, overtaking Vietnam. The country's growing crypto adoption can be attributed to increasing awareness and education, improving infrastructure, and a growing interest in digital assets among younger Indonesians.
To regulate this growing market, Indonesia's Financial Services Authority (OJK) has taken over oversight of the crypto market from the Commodity Futures Trading Regulatory Agency (Bappebti).³ This shift aims to create a more stable and secure market, with stricter compliance requirements and a focus on consumer protection and market stability.
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