Heaptalk, Jakarta — Indonesia’s Commodity Trade Supervisory Agency (CoFTRA) recorded crypto transactions of up to US$3 billion (around Rp49.82 trillion), surging around 506.83% in May 2024. From January to May 2024, CoFTRA noted the total transaction value touching US$15.8 billion, approximately Rp260.9 trillion, exceeding last year’s total transaction of US$9 billion, equal to Rp149.3 trillion.
According to Yudhono Rawis, the Deputy General Chair of the Indonesian Blockchain and Crypto Asset Traders Association (Aspakrindo-ABI), the crypto transaction volume reflects the public’s increasing interest in crypto investment in Indonesia despite the industry’s current challenges.
“The unstable macroeconomic situation, coupled with the Federal Reserve’s firm stance on its monetary policy, puts pressure on the crypto market. Additionally, the weakened inflow of Bitcoin ETFs from institutional investors in the US also affects market sentiment. Nevertheless, we remain optimistic about the growth of the archipelago’s crypto sector, as public interest and confidence in crypto assets continue to flourish,” Yudho explained.
Meanwhile, the number of crypto investors in the archipelago decreased to 19.75 million as of May 2024, compared to 20.16 million in April 2024. This decline was due to data adjustments following the cessation of operations by one of the Prospective Physical Crypto Asset Traders (CPFAK). On the other hand, the number of actively investing in making transactions attained about 893.541 investors in May 2024, with an investor augmentation of around 363.101 people during the month.
Responding to the investors’ amount adjustment, he explained that this adjustment process is crucial to ensure accurate data that reflects the actual market conditions. As an association, he claimed that his party had followed the latest progress concerning the planned business closure of one of the CPFAKs in Indonesia.
“We respected the company’s decision to respond to the current conditions. However, we urge the fulfillment of all obligations to customers transparently and accountable,” Yudho said.
Yudho also expressed optimism that the closure of the CPFAK entity will not significantly impact the development of the crypto industry in Indonesia. From his perspective, the potential and growth of the number of investors and transaction value remain clearly visible.
As is known, crypto asset management will be transferred from CoFTRA to OJK in January 2025. This move follows Indonesia’s Law Number 4 of 2023 concerning the Development and Strengthening of the Financial Sector (PPSK Law). Going forward, new innovations are expected to emerge and be utilized widely by society.
