Data released by Indonesia’s commodities regulator, the Commodity Futures Trading Regulatory Agency (Bappebti), and local crypto platforms reveal that the majority of crypto users in the country are aged 30 and below. Over 60% of crypto investors in Indonesia fall within the 18 to 30 age range, according to the September report. Specifically, 26.9% were aged 18 to 24, while 35.1% were aged 25 to 30.
Aside from demographics, Bappebti also reported that the total volume of crypto asset transactions in Indonesia reached 33.67 trillion Indonesian rupiah, equivalent to around $2.1 billion. Furthermore, the number of crypto users in Indonesia reached 21.27 million in September.
In terms of trading preferences, the agency highlighted that Indonesians primarily traded Tether’s USDt (USDT), Ether (ETH), Bitcoin (BTC), Pepe (PEPE), and Solana (SOL).
In Indonesia, crypto assets are officially recognized as commodities, and Bappebti has established a structured framework for crypto trading. However, crypto users in the country face challenges due to the dual tax system for crypto transactions. Despite this, Indonesians continue to embrace digital assets. Since 2022, Indonesia has implemented a 0.11% value-added tax and a 0.1% capital gains tax on crypto transactions.
Nevertheless, Bappebti has called for a reassessment of the country’s taxation rules for cryptocurrencies. On March 2, the agency’s executive staff requested a review of the tax regime, emphasizing that crypto could soon play a crucial role in Indonesia’s economy. Tirta Karma Senjaya, head of the Bureau of Market Development and Development at Bappebti, stated, “Because later on, cryptocurrencies will become part of the financial sector, we expect a commitment from the Directorate General of Taxes to evaluate these taxes.”
The demographics of crypto users in Indonesia mirror a global trend. In the United States, a survey conducted by Policygenius revealed that younger generations, including Gen Z adults (ages 18-26) and millennials (ages 27-42), are more likely to invest in crypto assets compared to older generations. Additionally, a Bitget study in 2023, which surveyed 255,000 respondents across 26 countries, showed that 46% of millennials in major economies own cryptocurrencies.