Crypto Industry Contributes IDR 70 Trillion To GDP, Tokocrypto Encourages More Adaptive Regulations

Illustration of crypto money. (Unsplash)

JAKARTA - The latest study by the Institute for Economic and Community Research, Faculty of Economics and Business, University of Indonesia (LPEM FEB UI) revealed that the crypto industry has an impact on the national economy.

This study states that the gross added value (GDP) generated from crypto asset trading activities in 2024 will reach IDR 70.04 trillion, or equivalent to 0.32% of the national GDP.

In fact, the National GDP has the potential to reach around Rp260 trillion, if transactions on illegal platforms can be transferred to a legal and regulated ecosystem.

In fact, research also notes that this industry contributes to the creation of more than 333,000 jobs, as well as the potential for an increase of up to 1.2 million workers if all crypto activities take place in the official ecosystem.

Responding to the results of the study, Tokocrypto CEO, Calvin Kizana, considered that the report was empirical evidence that crypto is no longer just an investment trend, but the digital economy sector which has a real multiplier effect for Indonesia.

"This data shows that crypto has contributed to national economic growth, opened up new jobs, and strengthened people's digital financial literacy," Calvin said in a statement quoted on Sunday, October 12.

Calvin stressed that the current major challenge in the crypto industry is not on market interest, but on regulatory balance and speed of policy adaptation.

According to him, the listing token process, which still takes up to 10 days, and higher tax provisions than foreign platforms, could potentially hinder local industrial growth.

"We hope that the crypto asset tax policy can be adjusted to match other investment instruments such as stocks, namely the final income tax of 0.1%. With a fairer policy, the domestic crypto ecosystem will be more competitive and can be a driving force for an inclusive digital economy," he said.