OJK: Crypto Transactions Drop 25.9%, Normalisation Effect After Halving

The Financial Services Authority (OJK) considers the decline in cryptocurrency asset transactions as part of market normalisation. This condition occurred after the price surge following the Bitcoin halving in April 2024.

The value of crypto transactions fell 25.9% year-on-year. This figure shrank from Rp650.61 trillion in 2024 to Rp482.23 trillion in 2025.

Transactions in March 2026 were recorded at Rp22.24 trillion. This value dropped 8.51% month-on-month.

“This is certainly a high base effect, not a fundamental weakening, but it aligns with global conditions, where the crypto market cap fell around 45% from its all-time high of $4.2 trillion in October 2025 to around $2.3 trillion in March 2026,” said Adi Budiarso, the Executive Head of Supervision for Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets at OJK, on Tuesday (5/5/2026).

Escalation of the US-China trade war also added pressure. Conflicts in the Middle East affected market sentiment.

Other risks came from security incidents on global decentralised finance (DeFi) platforms.

Adi assessed that institutional investors have a long-term orientation. The market consolidation phase is seen as both an opportunity and a risk.

Some investors view it as an entry point. Others choose to wait with a wait-and-see approach.

Indonesia is considered open to institutional investors in the financial digital asset innovation (IAKD) sector. Investors can enter as consumers or shareholders of business actors.

The regulatory framework is deemed ready to support this. OJK has implemented know your customer (KYC) and know your transaction (KYT) obligations.

OJK also prepares infrastructure security systems. Management of fiat funds and crypto assets is done separately.

Clearing, guarantee, settlement, and custodian functions are handled by licensed institutions. This system is known as segregated function.