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 Indonesia’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, growing adoption and broadening institutional involvement. With 22.69 million crypto users as of June 2026, he continued, the industry’s focus is now not only on expanding the market but on ensuring innovation, consumer protection and institutional readiness can proceed in tandem. “Compliance remains important in the industry’s development, especially to open greater space for institutional participation,” he said. However, he added, consumer protection needs to proceed alongside 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 that allows 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, according to him, users will have more reasons to remain in a regulated ecosystem and obtain better protection. Oscar also sees OJK’s 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 moving very quickly. With a regulatory sandbox, innovation can be tested and evaluated first before wider implementation. This approach, he continued, can help Indonesia’s crypto ecosystem develop in a more orderly manner while providing room to accelerate innovation. Meanwhile, Indodax Vice President of Business Development James Eugene said a project’s success 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.