Regulatory certainty and quality innovation needed for crypto ecosystem

Jakarta (ANTARA) - Domestic digital asset industry players say regulatory certainty and quality innovation are needed for the development of the country’s growing crypto ecosystem.

Indodax Co-Founder Oscar Darmawan said in a statement in Jakarta on Saturday that Indonesia is building a new foundation for its crypto asset ecosystem, with stronger regulation, continued adoption growth, and increasingly broad institutional involvement.

With 22.69 million crypto users as of June 2026, he said, the industry’s focus is no longer just on expanding the market, but on ensuring that innovation, consumer protection, and institutional readiness can move forward together.

“Compliance remains important in the industry’s development, especially to open up greater space for institutional participation,” he said.

However, he added, consumer protection needs to go hand in hand with the ability of domestic players to continue delivering relevant products and services.

Oscar highlighted that product and service factors also influence users’ decisions to choose offshore platforms.

“Compliance is still necessary because it is one of the foundations for institutions to enter this industry. But at the same time, innovation also needs to keep moving forward,” he said at Coinfest Asia 2026 in Bali.

If domestic products and services continue to develop, he said, users will have more reasons to remain within a regulated ecosystem and obtain better protection.

Oscar also sees the OJK regulatory sandbox as an important space for testing new innovations before they are applied more broadly, so that industry development continues to prioritise consumer protection.

He said innovation in the crypto industry is developing very rapidly. With a regulatory sandbox, innovations can be tested and evaluated first before being applied more widely.

This approach, he continued, can help Indonesia’s crypto ecosystem develop in a more orderly manner while providing room for accelerated innovation.

Meanwhile, Indodax Vice President of Business Development James Eugene said the success of a project in Indonesia does not stop at the listing process but also takes into account demand, liquidity, project quality, utility, and ecosystem sustainability.

“Market share, demand, and liquidity are important factors in the listing process. Ultimately, project quality and the ability to create market fit will determine its sustainability,” he said.