JAKARTA - Indonesia's crypto asset industry is entering a new phase as more global exchanges announce plans to expand into the country by 2026.
This development reflects the increasing attractiveness of Indonesia as one of the largest crypto markets in Southeast Asia, as well as marking a significant change in the dynamics of industry competition.
Data from the Financial Services Authority (OJK) recorded that as of October 2025, the number of crypto asset consumers in Indonesia reached 19.08 million investors, up 2.5% compared to September 2025 which was recorded at 18.61 million investors. This increase occurred even though the monthly value of crypto transactions fluctuated.
OJK also noted that the value of crypto asset transactions in November 2025 reached IDR 37.2 trillion, with a total transaction throughout 2025 (year to date) of IDR 446.77 trillion.
In terms of state revenue, the digital economy sector has shown a more tangible contribution. Data from the Directorate General of Taxes (DJP) until October 31, 2025 recorded a total digital economy tax deposit of IDR 43.75 trillion.
Of this amount, crypto assets contributed Rp1.76 trillion, an increase compared to crypto tax revenue until September 2025 which was recorded at Rp1.71 trillion. This trend shows continued growth since crypto taxes were first imposed in 2022.
Tokocrypto CEO, Calvin Kizana, assessed that the increasing interest of global exchanges to enter Indonesia is inseparable from the combination of the large user base, the increasing maturity of regulations, and the contribution of the crypto industry to the national economy.
Calvin explained that the current market conditions are very different compared to when the global exchange first entered Indonesia a few years ago.
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"When the Indonesian market conditions are still in the very early phase. Regulations are not as clear as now and user literacy levels are still developing. The presence of global players at that time helped build confidence, liquidity, and industry standards," he explained.
However, with more established regulations and a more experienced user base, the current influx of global exchanges directly affects the competitive structure.
"Today, the influx of foreign exchanges is no longer merely expanding the market, but directly affecting the dynamics of competition, ranging from pricing, liquidity, technology, to the speed of innovation. Nevertheless, this is still positive for the overall ecosystem," added Calvin.
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