Indonesian Crypto Transactions Reach IDR 475 Trillion, Tokocrypto Expands Access To Investors

CMO Tokocrypto, Wan Iqbal (photo: Tokocrypto)

JAKARTA - Data from the Commodity Futures Trading Supervisory Agency (CoFTRA) shows that the crypto asset industry in Indonesia recorded a new milestone with total transactions reaching IDR 475.13 trillion from January to October 2024.

In addition to recording transaction growth, the number of crypto asset customers has also increased significantly. As of October 2024, 21.63 million registered customers, with 716 thousand of whom are actively transacting through Physical Crypto Asset Traders (PFAK).

Seeing this increasing trend, the Head of CoFTRA, Kasan, highlighted that this spike reflects the growing interest in trading crypto assets among the Indonesian people.

In addition, CMO Tokocrypto, Wan Iqbal also said that this positive momentum was driven by the issuance of the CoFTRA Regulation (PerBa) Number 9 of 2024, which opens the door for institutional investors to invest in the Indonesian crypto market.

According to him, this policy is expected to double the volume of transactions in the next few years. He also believes that the participation of institutional investors will have a positive impact, not only in increasing transactions, but also on investment, job creation, and national economic growth.

"We at Tokocrypto welcome the growth of the crypto asset industry in Indonesia and appreciate the proactive steps of CoFTRA in building a healthy ecosystem," said Iqbal.

In addition, Iqbal revealed that Tokocrypto has also opened access for institutional investors, which is expected to have a significant impact, both in increasing transaction volume and strengthening confidence in the Indonesian crypto market.

"Institutional investors who wish to join must first go through the verification process of Know Your Business (KYB). This is applied to ensure that every institution involved has met applicable compliance standards, including operational transparency and company legality," he explained.

Iqbal also added, "This process is also designed to minimize risks related to money laundering, terrorist financing, and other illegal activities in the crypto ecosystem."