The Eruption of Indonesias Cryptocurrency Market 60 Dominated by the 1830 Youth Group with a Trading Volume of 271 Billion USD this Year
Young people are leading the growth of Indonesia’s cryptocurrency market. Currently, over 60% of cryptocurrency investors in Indonesia are aged between 18 and 30, with 26.9% aged between 18 and 24, and 35.1% aged between 25 and 30. This shows that cryptocurrency investment is quite popular among the young generation in Indonesia, and their interest in digital assets is increasing.
The financial planning awareness among Indonesian youth has also strengthened. According to a report, 38% of millennials and 41% of Generation Z prioritize financial planning, savings, and investments. Additionally, 32% of millennials and 26% of Generation Z allocate a portion of their income specifically for investments, highlighting the importance of financial planning and investment among Indonesian youth.
The trading volume of cryptocurrencies in Indonesia has seen a significant increase, reaching approximately $27.1 billion by September this year, a remarkable surge of 351.97% compared to the previous year.
The Indonesian regulatory authorities continue to advance cryptocurrency regulation. In recent years, the number of young cryptocurrency investors in Indonesia has been steadily increasing, prompting regulatory institutions to strengthen their oversight and ensure a safe investment environment. The Indonesian Commodity Futures Trading Regulatory Agency (Bappebti) has extended the compliance deadline for local cryptocurrency exchanges to obtain the Physical Crypto Asset Trading Broker (PFAK) license until the end of November 2024. This extension is part of the third revision of Regulation No. 9 of 2024 in Indonesia, as Bappebti has been continuously adjusting regulatory measures since 2021 to adapt to the development of the cryptocurrency market.
To combat cryptocurrency fraud, Bappebti in Indonesia has collaborated with the Financial Intelligence Unit (FIU) of Binance and the Indonesian exchange Tokocrypto. They have joined forces with the Indonesian Criminal Investigation Bureau Bareskrim to crack down on criminal activities and have successfully recovered approximately $200,000 worth of cryptocurrency assets. This demonstrates Indonesia’s proactive approach in protecting cryptocurrency investors.
(Indonesia announces the launch of state-owned cryptocurrency exchanges and clearinghouses)
