Indonesia's cryptocurrency market achieved a historic milestone in 2025, with annual transaction volumes reaching $31 billion (approximately IDR 486 trillion), according to year-end reports released in January 2026. This figure represents a nearly 15% increase over 2024 levels, solidifying Indonesia's position as the leading crypto economy in Southeast Asia and one of the top three fastest-growing markets globally.
The growth was driven by a pivotal regulatory shift. Oversight of the digital asset sector was formally transferred from the commodity futures regulator, Bappebti, to the Financial Services Authority (OJK). This transition provided the legal certainty needed for broader institutional participation, enabling commercial banks and major securities firms to begin offering crypto services. The registered user base now exceeds 22 million individuals.
A critical catalyst was the implementation of Ministry of Finance Regulation Number 50 (PMK-50), which reclassified cryptocurrencies as "digital financial assets." This move aligned crypto tax treatment with existing financial legislation, creating a more favorable environment. The clarification on income tax and VAT brought billions in "gray market" activity into the formal economy, generating over IDR 1.7 trillion in crypto-related tax revenue for 2025.
Despite a decline in total transaction value from over IDR 650 trillion in 2024 to IDR 482.23 trillion in 2025, investor numbers grew significantly to 20.19 million by the end of December 2025. Hasan Fauzi, Chief Executive of the Financial Sector Technology Innovation Supervisory Agency (ITSK), noted that "the growth in investor numbers is very significant," with most new investors coming from younger, working-age demographics. He also highlighted that lower transaction values did not reduce state revenue, with tax contributions reaching IDR 719.61 billion by November 2025 alone.
The market's maturation was further supported by the full operationalization of the national crypto infrastructure: the crypto exchange (CFX), clearing institution (KBI), and custodian storage manager (ICC). As speculative memecoin activity subsided, capital flowed toward large-cap assets and sophisticated products, evidenced by a 100% year-over-year increase in crypto options and derivatives volume, which surpassed $5 billion in 2025.
Looking ahead, the OJK has expanded the list of legally tradable tokens to over 1,400 assets and is preparing to review the potential for the first spot Bitcoin and Ethereum ETFs in the first half of 2026. The Indonesia Crypto & Web3 Report 2025 ranks the country fourth in the Asia-Pacific region for on-chain transaction value and identifies stablecoins, institutional involvement, and education as key growth areas for 2026.
