Crypto Industry Focuses on Strengthening Governance
Indonesia’s crypto industry is seen as entering a phase of consolidation after a decade of rapid growth in users and trade volumes. Now, the focus of industry players is shifting toward strengthening governance, transparency, and sustainability.
Entering its twelfth year of operation, Indodax views this dynamic as a sign of the industry’s maturing. Indodax CEO William Sutanto said the challenge today is no longer merely about expanding the market.
“We see Indonesia’s crypto industry entering a phase of consolidation and maturation. The challenge is no longer about building awareness, but about how to build long-term trust through robust governance, ongoing education, and close collaboration with regulators and the community,” said William.
He added that this phase requires industry players to strengthen security and transparency as foundational pillars. According to him, companies are increasing investments in information technology security and publishing Proof of Reserves to maintain openness to members.
“This step we are taking to ensure public confidence remains intact across various market cycles, so that members can transact safely, comfortably, and sustainably,” he said.
The development of the crypto industry has also drawn the attention of policymakers. In the discussion “The Future of Crypto” during Indodax’s 12th anniversary celebration, Mukhamad Misbakhun, Chairman of Commission XI of the Indonesian House of Representatives, assessed that crypto needs to be positioned within the broader framework of national digital financial infrastructure development.
“Crypto, essentially, is an infant industry – a young industry that needs space to grow and a grace period,” Misbakhun said.
He stressed that rapid adoption growth must be balanced by adaptive regulation, consumer protection, and a credible reporting and governance system under the supervision of the Financial Services Authority (OJK). Through the P2SK Law and the regulatory sandbox mechanism, the country is said to facilitate innovations such as tokenisation of real-world assets while staying within the bounds of consumer protection and anti-money laundering.
Meanwhile, Malaka CEO Ferry Irwandi highlighted literacy challenges amid market volatility.
“Masyarakat still regards crypto merely as a speculative tool and seeks instant profit signals, neglecting the blockchain innovation behind it, so fundamental education and risk management are needed in this volatile market,” he said.
He believes strengthening public understanding is key to ensure Indonesia’s crypto industry grows not only quantitatively but also more credibly and sustainably.