Indonesia’s crypto market witnessed a remarkable expansion, with trading volume soaring to $40.2 billion amid strong demand for XRP, Dogecoin, and Bitcoin.
This figure represents a 336% increase from the previous year’s total of Rp 149.25 trillion ($9.2 billion). The sharp rise is attributed to a surge in both user participation and transaction volumes.
As of November 2024, Indonesia had 22.1 million registered crypto users, with that number expected to reach 25 million soon.
XRP, Dogecoin Among Most Traded Tokens
The increase in crypto engagement has driven trading volumes higher. The most frequently traded digital assets in Indonesia include Bitcoin (BTC), Tether (USDT), Dogecoin (DOGE), PEPE, and XRP.
In terms of regulation, cryptocurrency oversight in Indonesia was previously handled by the Commodity Futures Trading Regulatory Agency (Bappebti). However, the responsibility will soon shift to the Financial Services Authority (OJK). Meanwhile, Bappebti will continue its role in overseeing commodity futures trading.
In addition to cryptocurrency growth, commodity futures trading in Indonesia saw a 29.34% increase in 2024, reaching Rp 33,214 trillion ($2 trillion). Prominent futures contracts in the country involve commodities such as gold, tin, crude palm oil, coffee, and cocoa.
Meanwhile, the Indonesian Crude Palm Oil Exchange (ICDX), introduced in October 2023, continues facilitating real-time price discovery for crude palm oil futures and spot transactions.
Participation in the exchange remains optional and is limited to domestic traders, with 19 designated ports supporting deliveries.
Indonesian Exchange Faces Major Hack
Amid increasing adoption, security threats persist in Indonesia’s crypto space. In September last year, Indonesian-based exchange Indodax suffered a major cyberattack, resulting in a loss of approximately $22 million.
According to blockchain intelligence platform Lookonchain, hackers infiltrated the exchange’s security system, enabling unauthorized withdrawals from its wallets.
The stolen assets included 25 BTC ($1.4 million), 1,047 ETH ($2.48 million), $6.14 million USDT, 2.2 million MATIC ($849,000), and 1.4 million ARB ($749,600).
Following the breach, the attackers swiftly converted the stolen funds. They exchanged them for $13 million in Ethereum, $2.56 million in Tron, $2.55 million in POL (formerly MATIC), and $1.41 million in Bitcoin.
