TechFlow news, January 15 — According to an opinion piece published by HAQQ Network co-founder Mohammed AlKaff AlHashmi and reported by Cointelegraph, Indonesia's cryptocurrency market is experiencing significant growth. Between 2023 and 2024, the country saw inflows of $157 billion into its crypto sector, making it the leader in Central Asia, South Asia, and Oceania.
Data shows Indonesia ranks third in Chainalysis' Global Cryptocurrency Adoption Index, behind only India and Nigeria. The country's crypto market grew nearly 200% year-on-year. Notably, decentralized exchanges (DEXs) accounted for 43.6% of all cryptocurrency transfers in Indonesia, significantly higher than the global average of 27.8%.
Currently, the Indonesian government has reclassified cryptocurrencies from commodities to digital financial assets and transferred regulatory oversight from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (OJK) to strengthen investor protection.
