Indonesia's Cryptocurrency Transaction Value Soared 43.86% in October 2024

The Commodity Futures Trading Supervisory Agency (Bappebti) recorded cryptocurrency transaction values in Indonesia reaching Rp48.44 trillion.

This value surged 43.86% month-to-month (mtm) from September 2024, which amounted to Rp33.67 trillion. The October 2024 value also jumped 124.57% year-to-date (ytd) from Rp21.57 trillion at the beginning of the calendar year.

Compared to the same period last year (year-on-year/yoy), the October 2024 asset value increased by 361.33% from Rp10.5 trillion in October 2023.

Bappebti Head Kasan detailed that the accumulated value from January to October 2024 has exceeded Rp475.13 trillion. This value also increased by 352.89% (yoy) from the accumulated value of the previous year, which was Rp104.91 trillion.

"This proves that cryptocurrency trading is one of the trading options favored by the public," said Kasan in a written statement on Thursday, November 21, 2024.

Kasan revealed that the development of cryptocurrency transactions will optimize state revenue from the tax sector. From 2022 to October 2024, tax revenue from cryptocurrency transactions reached Rp942.88 billion.

The number of cryptocurrency customers up to October 2024 reached 21.63 million customers. Meanwhile, active customers trading through Prospective Physical Cryptocurrency Traders (CPFAK) and Physical Cryptocurrency Traders (PFAK) in October 2024 numbered 716,000 customers.

The cryptocurrency assets with the largest transaction values in PFAK in October 2024 were Tether (USDT), Ethereum (ETH), Bitcoin (BTC), Pepe (PEPE), and Solana (SOL).

Kasan stated that the increase in the number of customers currently shows the still very large potential of the Indonesian cryptocurrency market. He added that Indonesia is expected to become one of the leading cryptocurrency markets in the world in the future.