CoFTRA: Crypto Transactions In Indonesia Have Reached IDR 556.53 Trillion In January-November 2024

Illustration. (Photo: Unsplash)

JAKARTA - The Commodity Futures Trading Supervisory Agency (CoFTRA) noted that the value of crypto asset transactions in Indonesia has reached IDR 556.53 trillion during January-November 2024.

Acting Head of CoFTRA Tommy Andana said this value increased by 356.16 percent compared to the same period the previous year, which was IDR 122 trillion.

"This proves that trading crypto assets is one of the trade options that people are interested in," said Tommy in a statement in Jakarta, quoted by Antara, Thursday, January 2.

Furthermore, Tommy explained that the number of crypto asset customers until November 2024 reached 22.1 million customers. Meanwhile, customers who are active in transacting through prospective physical crypto asset traders (CPFAK) and PFAK in November 2024 total 1.3 million customers.

The types of crypto assets with the highest transaction value in November 2024 include Tether (USDT), Bitcoin (BTC), Doge Coin (DOGE), Pepe (PEPE), and XRP (XRP).

"The current increase in the number of customers shows that the market potential of crypto assets in Indonesia is still very large. In the next few years, Indonesia is predicted to be able to become one of the leaders of the crypto market in the world," said Tommy.

CoFTRA continues to strengthen collaboration with self-regulation organizations (SRO), associations, and stakeholders of the crypto asset industry in Indonesia.

This is done to develop the ecosystem and governance of crypto assets in addition, of course, to strengthen regulations and literacy for the community.

Thus, CoFTRA is optimistic that the value of crypto asset transactions will increase in 2025.

Sekretaris CoFTRA Olvy Andrianita menegaskan selain fokus pada peningkatan transaksi, CoFTRA, SRO, dan PFAK juga harus konsisten dalam memberikan literasi untuk penguatan perlindungan kepada masyarakat.

Literacy is aimed primarily at crypto asset trading customers who are dominated by the younger generation.

"Strengthening literacy is expected to be an effective step in increasing protection for the community, providing certainty of doing business for industry players, and reducing complaints," said Olvy.

Meanwhile, Head of the Futures Trading Development and Development Bureau, Tirta Karma Senjaya, said that CoFTRA is committed to realizing crypto assets with integrity and adaptation.

CoFTRA also continues to encourage CPFAK to immediately become PFAK.

Currently, nine companies have become PFAK including PT Pintu Kemana Saja (door), PT Bumi Santosa Cemerlang (Pluang), PT Asset Digital Berkat (Tokocrypto), and PT Kagum Teknologi Indonesia (Ajaib).

Next, PT Tiga Inti Utama (Triv), PT Sentra Bitwewe Indonesia (Bitwewe), and PT CTXG Indonesia Berkarya (Mobee), PT Accountku Dotcom Indonesia (Reku), and PT Ekripsi Teknologi Handal (Usenobi).

"Furthermore, we hope that other companies with CPFAK status can become PFAK soon," said Tirta.