Indonesia's Crypto Transactions Fluctuate Over Five Years, Influenced by Geopolitics

The Financial Services Authority (OJK) has reported highly dynamic and fluctuating developments in cryptocurrency transactions over the past five years. The fluctuations in crypto transactions are mainly influenced by geopolitical conditions.

“Over the past five years, the value of crypto transactions in Indonesia has shown fluctuating dynamics, with an increasing adoption trend,” stated Adi Budiarso, Head of Executive for Oversight of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets at OJK, during the Opening of Crypto Literacy Month (BLK) 2026 in Jakarta on Tuesday (7/4/2026).

In detail, the value of crypto transactions in 2021 reached Rp 859.4 trillion. This figure dropped by more than half in 2022 to Rp 306.4 trillion. Subsequently, in 2023, the value of crypto asset transactions plummeted to Rp 149.25 trillion.

Then, the value of crypto transactions surged in 2024 to Rp 650.61 trillion. Meanwhile, in 2025, it fell by around 25.9 percent from the previous year to Rp 482.23 trillion.

“The decline in transaction value in 2025 is more appropriately viewed as a normalisation from the high surge in 2024 (high base effect), not as structural weakness,” said Adi.

He views this performance as needing deeper reflection as a basis for determining appropriate steps by regulators in developing the digital asset industry, particularly crypto assets.

Meanwhile, data on crypto asset trading performance in 2026 recorded a transaction value of Rp 37.29 trillion in January, comprising spot crypto transactions of Rp 29.28 trillion and crypto derivative transactions of Rp 8.01 trillion. In February 2026, the figure declined. OJK recorded crypto transaction values at Rp 29.4 trillion, including spot transactions of Rp 24.33 trillion and derivative transactions of Rp 5.07 trillion.

According to Adi, this decline was caused by several factors, including geopolitical tensions that drove increased risk-off sentiment in global financial markets. Additionally, tightening monetary policy and high interest rates in the US reduced global liquidity, and there was large-scale liquidation of leveraged positions in the crypto market.

Regarding the strengthening of transaction values in 2024, Adi noted that it was driven by the Bitcoin halving phenomenon in April 2024. The Bitcoin halving is an event that halves the mining reward while reducing the rate at which new coins enter circulation.

“We need to continue learning how to handle, especially the risks that occur in these transactions,” said Adi.