South Tangerang. The value of cryptocurrency trading in Indonesia surged by an astonishing 335.9 percent year-on-year in 2024, reaching Rp 650.61 trillion ($40.2 billion), a senior official announced on Friday.

As of November 2024, the country had around 22.1 million registered cryptocurrency users, according to Tirta Karma Senjaya, head of the Commodity Futures Trading Regulatory Agency (Bappebti).

“These figures demonstrate growing public confidence in crypto asset trading in Indonesia,” Tirta said during a press conference in South Tangerang, Banten.

The sharp increase in trading value, up from Rp 149.25 trillion ($9.2 billion) in 2023, reflects both the growing number of cryptocurrency users and the rise in transaction volume. Tirta expressed optimism about future growth, predicting that the number of subscribers will soon reach 25 million.

The most actively traded cryptocurrencies in Indonesia include Tether (USDT), Bitcoin (BTC), Dogecoin (DOGE), Pepe (PEPE), and XRP (XRP).

Bappebti, which operates under the Trade Ministry, will transfer its oversight responsibilities for cryptocurrency trading to the Financial Services Authority (OJK) starting this year. However, the agency will continue to regulate commodity futures trading.

Tirta also reported that the value of commodity futures trading in Indonesia increased by 29.34 percent in 2024, reaching Rp 33,214 trillion ($2 trillion). Key multilateral futures contracts involve commodities such as tin, crude palm oil, gold, coffee, and cocoa.

In October 2023, Bappebti launched the Indonesian Crude Palm Oil Exchange (ICDX) to provide a transparent and credible price-discovery mechanism in real time.

“The ICDX membership is voluntary and limited to the domestic market. It facilitates both spot and futures transactions and is supported by 19 ports for crude palm oil deliveries,” Tirta explained.