A well-visioned regulatory framework & the meteoric rise in the number of blockchain and crypto projects have paved the way for Indonesia to stake its claim as the crypto capital of Asia.
In a country with nearly 280 million tech-hungry people, one of the largest markets in Asia & a huge unbanked population is the factors driving crypto adoption in Indonesia. According to a recent report, 41% of all Indonesians own crypto. 64% of people in Indonesia believe it’s a hedge against inflation, and 61% of people believe that crypto is the future of money. According to the Ministry of Trade, transactions for currencies like Bitcoin grew over 14 times from 60 trillion rupiahs ($4.1 billion) in 2020 to a total of 859 trillion rupiahs ($59.83 billion) in 2021.
Many factors fuel this crypto growth in Indonesia, but the most important ones are:-
- Robust & Receptive Regulatory Support from Government
- Fast Adoption of Crypto by Local Tech Companies
- Secure & Easy Cryptocurrency Trading
Robust & Receptive Regulatory Support From Government
Through its research, community interactions & education programs, the Indonesian government quickly understood the challenges and opportunities in the crypto trade and introduced its first set of regulations in 2019. Cryptocurrency trading as a commodity in Indonesia is legal and is officially regulated by the Commodity Futures Trading Regulatory Agency (BAPPEBTI), a body under the Ministry of Trade. Its main objective is to provide legal security and protect Indonesian crypto consumers’ interests.
Fast Adoption of Crypto by Local Tech Companies
Indonesia’s digital sector will surpass $150 billion over the next few years. A rapid surge in crypto adoption has compelled the tech sector to incorporate its visions with the crypto future. The cryptocurrency gaming industry is worth billions of dollars due to blockchain technology enabling real-world trading of non-fungible tokens (NFTs). NFT-based games are booming in Indonesia, and people are making a living with the play-to-earn blockchain games.
Recently, Javier Tan, Co-Founder & CEO of CREOENGINE, Indonesia’s leading NFT gaming company, commented, “Indonesian game developers have started to rise to the spotlight to revolutionize the gaming industry in Indonesia. I believe the crypto ecosystem is vital in enlarging Indonesia’s gaming economy and gaming communities”.
Secure & Easy Cryptocurrency Trading
Currently, there are 17 companies registered and permitted by BAPPEBTI to exchange cryptocurrencies in Indonesia. Indodax, Indonesia’s leading exchange, reported reaching 5,4 million members now, more than a 100% increase compared to 2021. Oscar Darmawan, Founder & CEO of INDODAX, says, “Legalizing a crypto asset in Indonesia is a long journey and is still not fully accomplished, but it is progressing smoothly and showing on a good track. It requires the whole ecosystem to support this movement to bring benefits to the entire industry. I believe Indonesia has the potential to be the leader in blockchain development in Asia”.
To discuss more on these topics & to shed light on the recent guidelines and regulations, Blackarrow Conferences is back post-pandemic with the 4th edition of their flagship conference, ‘BLOCKJAKARTA – Crypto 2022 & Beyond‘; scheduled for June 30, 2022, in Jakarta at the Ritz Carlton Pacific Place.
Senior government ministers, government officers, and industry leaders are speaking at the conference giving their expert advice on crucial topics concerning the crypto and digital economy. Catch in on the action on June 30 in Jakarta; register your seat now.
Conference Key Topics Include:-
- The Potential of Crypto Assets in Enhancing the Indonesian Economy,
- NFTs – Revolutionising the Gaming Industry in Indonesia,
- Role of CoFTRA in the Regulation of Crypto Trading in Indonesia,
- Development of the Digital Economy Ecosystem,
- Web3: Blockchains & Token Based Economics,
- To the Metaverse & Beyond: The Next Big Leap in Crypto, and more.
Conference Website – https://www.blackarrowconferences.com/crypto2022.html.
Blockjakarta 2022 Is Supported By:-
Ministry of Trade, Government of Indonesia | Ministry of Tourism & Creative Economy, Government of Indonesia | INDODAX | CREOENGINE | Yield App | Asosiasi Blockchain Indonesia | Government Blockchain Association | Indonesian Crypto Asset Traders Association | Indonesian Crypto Consumers Association | Frankfurt Blockchain School, Germany | Center for Evidence-Based Blockchain | Irish Tech News | DailySocial | Bitcoin Insider | Coincodex | ICO Holder | The Cryptonomist | Blockchainmedia.id | Cryptopolitan | CoinQuora | CTv | Blocktides
Join BlockJakarta – Crypto 2022 & Beyond conference to discuss the future of crypto & blockchain and benchmark with peers from government, relevant industry sectors, and solutions providers.
Disclaimer: The information provided in this article is solely the author’s opinion and not investment or legal advice – it is provided for educational purposes only.