Crypto Industry No Longer Just a Technological Experiment
REPUBLIKA.CO.ID, JAKARTA — The crypto industry in Indonesia is considered to have evolved from a mere technological experiment into an increasingly mature digital financial ecosystem, with greater regulation and widespread public trust.
The CEO of Indodax, William Sutanto, said this is reflected in the growth of Indodax’s membership, which has reached almost 10 million members as of Bitcoin Pizza Day on May 22nd.
According to him, this increase in membership not only shows high public interest in digital assets but also a growing need for crypto trading platforms that prioritize security, transparency, and compliance with regulations.
“The journey of the crypto industry today is very different from a decade ago. If previously the main focus was on access and adoption, now the industry is moving towards a more mature phase by placing trust and user protection as top priorities,” he said in a statement in Jakarta, Saturday (16/5/2026).
He explained that Bitcoin Pizza Day is a historical moment in the global crypto industry, referring to the transaction of buying two pizzas using Bitcoin in 2010. This transaction became the first milestone where Bitcoin had economic value in the real world.
From this event, he continued, crypto has developed into a digital instrument with increasing adoption globally, including in Indonesia.
William mentioned that based on data from the Financial Services Authority (OJK) as of March 2026, the number of national crypto users has reached 21.37 million users, almost half of whom, or about 46.5 percent, are Indodax members.
According to him, the growth of the industry is also accompanied by changes in operational standards that are becoming increasingly stringent. As the number of users increases and oversight of the crypto industry emerges through the Law on the Development and Strengthening of the Financial Sector (UU P2SK), industry players are required to improve governance, transparency, and more comprehensive security systems.
In this regard, he continued, the Know Your Customer (KYC) Hygiene aspect is one of the important foundations for minimizing the risk of identity misuse, digital fraud, and increasingly complex cyber threats in today’s digital age.
“In a continuously evolving industry, security is no longer just about protecting assets but also about protecting users’ digital identities. Therefore, KYC Hygiene practices and strengthening security systems are an important part of building a healthy and sustainable crypto ecosystem,” he said.
In line with increasing industry transparency standards, Indodax also provides Proof of Reserves (PoR) as one form of corporate accountability to members.
Through this system, user assets can be verified periodically to ensure that the availability of funds stored on the platform remains transparently maintained.
This step is an important part of building public trust and encouraging the implementation of operational standards for the digital asset industry that are oriented towards user protection.