Heaptalk, Jakarta — Indonesia’s crypto trading startup Tokocrypto aims to capture transactions up to US$12 billion (around Rp189 trillion) and double its users up to 6 million people in 2024.
Tokocrypto’s CEO, Yudhono Rawis, delivered that the company has closed 2023 with transaction output reaching US$4 billion. Coinciding with the crypto’s Halving momentum this year, Yudho targets to increase transactions up to 3 times in 2024.
On the other hand, the company also posted significant milestones by dominating the market by up to 43%, with over 3.2 million users and daily average transactions exceeding US$30 million in 2023. The transaction includes more than 380 types of tokens and coins.
In achieving the company’s target, Yudho looks forward to the market recovering this year. As a crypto industry player, the CEO of the crypto trading startup also expects government regulation support, one of which is a competitive tax calculation scheme. Based on his perspective, archipelago can implement three crypto tax schemes competitively, covering:
- Capital gain tax
- Revision of Value Added Tax (VAT)
- Tax amount reduction that currently applies as this industry is still relatively new in Indonesia.
Crypto industry growth snapshot in 2023
Indonesia’s CoFTRA recorded that the country’s crypto asset investors attained 18.51 million people, increasing 9.8% since early 2023. On the other hand, the crypto transaction also touched US$9.46 billion, equivalent to Rp149.25 trillion.
Furthermore, the crypto market recovered, with total market capitalization increasing by 108%. Last year’s Industry evolution is primarily influenced by significant improvement in Q1 at up to 48.3% and Q4 at 54.4%.
As CoFTRA’s Head of Commodity Futures Trading Development and Development Bureau affirmed, “Crypto Asset Trading is one of the government’s strategies in accelerating, creating and encouraging Indonesia’s digital economy. Several Asian countries are aggressively competing to become a crypto technology development hub. With this potential, the government continues reinforcing the industry’s policy aspect to increase public awareness of the asset investment potential.”
This performance is backed by diverse improvements around the industry, spanning the spot Bitcoin ETF’s excellent confidence and this year’s Bitcoin Halving Day anticipation. A constant global economic situation, such as consistent global GDP growth and inflation derivation, also influences the industry’s positive performance.
Bitcoin assets still control 50.2% of the total market capitalization. BTC has also been the asset with the best annual growth in the last eight years. BTC’s potential is even more tremendous during the Bitcoin halving moment, where the rewards obtained will be halved, causing a market supply decrease while demand tends to remain constant.
