Jakarta. Indonesia's crypto transactions has reached Rp 475.13 trillion (around $29.9 billion) so far this year as of October, according to the Commodity Futures Trading Supervisory Agency (Bappebti).

This marks a 352.89 percent increase compared to Rp 104.91 trillion recorded in the same period the previous year. It has also surpassed the total transactions recorded in the past two years. In 2022, crypto transactions in Indonesia amounted to Rp 306.4 trillion, and later dropped to Rp 149.3 trillion the following year.

Bappebti's head Kasan said that the triple digit growth in January-October 2024 showed a growing interest in cryptoasset trading.

"This proves that cryptoassets become one of the trading options that is currently in demand," Kasan was quoted as saying in a press statement on Thursday.

As of October, Indonesia is home to 21.63 million registered cryptoasset customers. About 716,000 of them are making their transactions via the seven registered physical cryptoasset traders, including Tokocrypto, Pluang, and Pintu.

The most popular cryptoassets in October 2024 were Tether (USDT), Ethereum (ETH), Bitcoin (BTC), Pepe (PEPE), and Solana (SOL). Indonesia also recorded Rp 942.88 billion worth of state revenue from taxes that came with cryptoasset transactions between 2022 and October 2024.

"The increase in [cryptoasset] customers and transactions will boost our state revenue, while also cementing Indonesia's position as one of the world's largest cryptomarkets," Kasan said.