Indonesia's Cryptocurrency Transaction Value Drops 69.18% in 2023

Based on a report from the Commodity Futures Trading Supervisory Agency (Bappebti) received by *Databoks*, the transaction value of crypto assets in Indonesia reached Rp94.41 trillion (approximately US$6.1 billion) until September 2023.

This figure represents a 69.18% decrease compared to 2022, which recorded transaction value of Rp306.4 trillion (approximately US$19.8 billion).

The trend shows that crypto asset trading in Indonesia has been declining for the past two years. In 2021, the value was significantly higher, reaching Rp859.4 trillion (approximately US$55.6 billion).

Despite the decrease in crypto transaction value throughout 2023, the number of investors in Indonesia has increased.

Bappebti reported an average increase of 116,899 crypto customers until September 2023.

Annually, the number increased by 7.2% from 2022, reaching 16.7 million crypto investors.

Bappebti Head Didid Noordiatmoko stated that his agency is committed to strengthening the development of crypto asset trading in Indonesia through collaboration with various parties.

"We are also strengthening public literacy by collaborating with the media to ensure the public receives accurate information about crypto assets," Didid said in a statement, as reported by *Detik.com* on Thursday, November 2nd, 2023.

Meanwhile, the government has ratified the Law on Strengthening and Developing the Financial Sector (UU P2SK), where the authority to regulate and supervise activities in the innovative technology, digital finance, and crypto asset sectors falls under the Financial Services Authority (OJK).

Didid explained that the existence of a crypto asset trading institution can positively impact the increase in the number of crypto customers.

"Crypto asset trading can be one of the government's strategies to accelerate, create, and drive efforts to develop Indonesia's digital economy by 2030," he said.

(See also: Indonesia Ranked 6th Largest Holder of Cryptocurrencies Globally)