PANews reported on November 30 that according to Cointelegraph, from January to October 2024, Indonesia's cryptocurrency market transaction volume exceeded US$30 billion, a year-on-year increase of 350%, setting a record high since the bull market in 2021. According to data from the Commodity Futures Trading Regulator, Indonesia's cryptocurrency trading volume in the same period of 2023 was approximately US$6.5 billion, a sharp drop from the country's estimated US$19.4 billion for the whole of 2022.
Indonesia’s cryptocurrency market has experienced a long period of volatility after reaching a high of approximately $54 billion in 2021. A significant decline was seen in 2022, which was largely attributed to the government’s implementation of a “double taxation” policy that imposed a 0.1% tax on cryptocurrency gains on top of the standard gains tax. Despite the setback, recent indicators suggest that the Indonesian market is recovering, with total transactions in 2024 so far exceeding the combined total of the previous two years. According to Chainalysis’ Global Cryptocurrency Adoption Index, Indonesia and the Oceania/Asia market remain the regions with the highest cryptocurrency adoption rates in the world, with seven of the top ten countries coming from the region. Only India and Nigeria lead the list for Indonesia.
