Regulations on Cryptocurrency in Indonesia by 2024
Indonesia’s cryptocurrency market is experiencing rapid growth, with revenue reaching US$577.6 million in 2024. The country has seen a significant increase in technological adoption, climbing from 20th to 7th place in the global crypto adoption index in 2023. In response to the rising demand, authorities in Indonesia are moving towards regulating the crypto space for investor protection. Recently, a new regulatory framework for cryptocurrencies has been passed by the Indonesian government.
In this module by Coinpedia, we will explore the latest crypto regulations in Indonesia in a step-by-step manner.
Crypto adoption in Indonesia
The crypto market in Indonesia has seen substantial growth in recent years, becoming a hub for various digital assets. Indonesia’s rise in the global crypto adoption index reflects significant interest and acceptance of cryptocurrencies, particularly in developing countries like Indonesia.
According to a report by Coinfest Asia, Indonesia has emerged as a key global player in the crypto space with a promising outlook over the next five years. The dynamic Indonesia crypto market boasts a young, tech-savvy population, with over 16 million crypto account holders surpassing stock market account holders. Indonesia made history by launching its National Crypto Exchange, PT Bursa Komoditi Nusantara, in July 2023, positioning itself as a unique player in the crypto market.
Crypto Regulations in Indonesia in 2024
The current regulations in Indonesia include:
- Bappebti Regulation No. 8/2021 on Guidelines for Conducting Crypto Asset Physical Market Trading on Commodity Exchanges
- Law No. 4 of 2023 on the Development and Strengthening of the Financial Services Sector
The regulatory body overseeing crypto assets in Indonesia is the Commodity Futures Trading Regulatory Agency, known as Bappebti, under the Ministry of Trade. By January 2025, regulatory authority over crypto-assets will transition to the Financial Services Authority, or OJK.
Crypto trading is legal in Indonesia, but crypto cannot be used as a form of money. Indonesia currently allows trading cryptocurrencies as commodities, with 229 approved crypto assets for trading. To set up a crypto business in Indonesia, investors must meet specific requirements set by Bappebti, including risk assessment and compliance with anti-money laundering regulations.
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