Indodax: Crypto Industry No Longer Just a Technological Experiment
Jakarta (ANTARA) - The crypto industry in Indonesia is considered to have evolved from a mere technological experiment into a part of the increasingly mature, regulated, and widely trusted digital financial ecosystem.
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 the upcoming Bitcoin Pizza Day on May 22nd.
According to him, this growth in membership not only indicates high public interest in digital assets but also an increasing need for crypto trading platforms that prioritize security, transparency, and compliance with regulations.
“The journey of the crypto industry today is very different compared to a decade ago. If in the past 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 the top priority,” he said in a statement in Jakarta, Saturday.
He explained that Bitcoin Pizza Day is a historical moment in the global crypto industry, referring to the transaction of purchasing two pizzas using Bitcoin in 2010. This transaction was a milestone, marking the first time Bitcoin had economic value in the real world.
From this event, he continued, crypto has evolved into a digital instrument with an increasing level of 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, of which almost half, 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 the crypto industry is supervised 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 added, 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 era.
“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 the increasing transparency standards of the industry, INDODAX also provides Proof of Reserves (PoR) as one form of company accountability to its members.
Through this system, user assets can be verified periodically to ensure that the availability of funds stored on the platform remains transparent.
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.