2024 transaction totals are up more than 350% year-over-year, but still well below Indonesia’s 2021 highs.
The Indonesian cryptocurrency market surpassed $30 billion in transactions for the period between January and October 2024, marking a 350% year-over-year increase and the highest total since the 2021 bull market.
According to data from the Commodity Futures Trading Supervisory Agency, Indonesia recorded approximately $6.5 billion in cryptocurrency transactions through the same period in 2023, a marked decrease from the nation’s estimated $19.4 billion through all of 2022.
The cryptocurrency market throughout Indonesia has experienced extended turbulence in the wake of its 2021 high of approximately $54 billion. 2022 saw a significant decrease, largely attributed to the “dual taxation” policy implemented by the government, which saw a 0.1% tax added to crypto gains on top of standard gains taxes.
