The phenomenon of crypto and blockchain has grown massively in Indonesia. Many companies are ready to develop crypto assets and blockchain technology namely Metaverse, NFT, and DeFi, according to a press release.

Oscar Darmawan, the CEO of Indodax  said the blockchain ecosystem in Indonesia has developed so much and emulated other countries. In the Southeast Asian region, Indodax is also one of the local exchanges with the most members. He said:

“There are many crypto and blockchain asset developers in Indonesia. As a matter of fact, there are many companies in Indonesia stating that they are ready to develop blockchain technology.”

In Indonesia, crypto is not authorized as a currency or payment method. Crypto is only authorized as investment, hence crypto is treated and defined as assets. The government has recognized crypto assets as one of the important commodities.

Oscar added:

“From the regulator’s point of view, I see that the government has been very receptive to crypto. The Indonesian government not only gives a nod to crypto trading but is also very open to crypto asset exchanges like Indodax and strongly supports the development of crypto tokens created by the local creators.”

The rapid trend of investment in crypto assets is in line with data from the Trade Ministry’s Futures Exchange Supervisory Board (Bappebti) which is responsible for directly overseeing crypto investment in Indonesia. Based on data from Bappebti, the number of crypto investors at the end of 2021 has reached more than 11 million, increasing significantly from 4 million investors recorded in 2020.