Supporting Crypto Asset Market Growth, Upbit Indonesia Removes Trade Costs In USDT Market

Photo: Doc. Upbit Indonesia

JAKARTA - The crypto asset market in Indonesia continues to show rapid growth. Based on data from regulators, the transaction value of crypto assets in July 2024 reached IDR 42.34 trillion, recording an increase of 3.69 percent from the previous month.

Crypto assets that dominate most transactions in Indonesia are USDT, Bitcoin, SOL, and PEPE. From January to July 2024, the total value of crypto asset transactions in Indonesia has reached IDR 344.09 trillion, a 353.94 percent jump compared to the same period last year.

This significant growth is also reflected in the value of taxes collected from crypto asset transactions during this period, which amounted to IDR 371.28 billion, increasing the total receipt of crypto taxes since January 2022 to IDR 838.56 billion. Seeing this trend, Upbit Indonesia is committed to continuing to support market developments by presenting policies that make it easier for users to upload.

As part of this effort, Upbit Indonesia announced a special program in the form of eliminating trading costs in the USDT market. Starting from August 19, 2024, users can enjoy the trading costs of makers which are lowered from 0.46 percent to 0.00 percent across trades using USDT (Tether), while the taker trading costs are reduced from 0.46 percent to 0.25 percent.

The offer of this program is expected to provide flexibility for traders in maximizing their trading strategy, as well as reducing costs that must be incurred when making transactions in the crypto market.

"We always strive to provide the best service to our loyal users. By eliminating trading costs in the USDT market during this promotion period, we hope to support users in improving their experience in transactions, while strengthening Upbit Indonesia's position as a user-friendly platform," Resna Raniadi, Chief Operating Officer (COO) Upbit Indonesia, in a written statement, Tuesday, September 17.

Upbit Indonesia continues to be committed to providing the best innovations and services for its users. The elimination of trading costs is one of many steps the company has taken to ensure that users have easy and affordable access to various products and services in the crypto market.

Further information about this program can be accessed through the official website and Upbit Indonesia social media.