JAKARTA, Indonesia, April 9, 2024 – Indonesia has marked significant strides in adopting crypto assets and blockchain technology in the ever-evolving digital era. The country has showcased remarkable growth in the crypto asset industry.
According to data from the Commodity Futures Trading Regulatory Agency (Bappebti), in February 2024, there were 19.18 million crypto asset investors in Indonesia, with an average increase in registered customers of 427.2 thousand customers per month since this data was reported in February 2021. The value of crypto trading transactions in February 2024 amounted to more than US$2,1 billion (up 56.22% from the previous month). The total transaction value for January-February 2024 was more than US$3,4 billion, or an increase of 113.05% compared to the same period in 2023, amounting to US$1,8 billion (yoy), indicating the strong economic potential of the industry.
Asian countries fiercely compete to become hubs for crypto technology development, with Indonesia not lagging in this race. The Indonesian government has proactively created policies supporting the growth of the crypto ecosystem, including regulations facilitating innovation and increasing public awareness of the investment potential in crypto assets.
As a leading #ExchangeIndonesia, Tokocrypto is fully committed to shaping the future of the country’s blockchain and digital asset industry. This statement reinforces Tokocrypto’s role as a key player in Indonesia’s crypto-asset sector, demonstrating its commitment to supporting inclusive and sustainable digital economic growth.
“We at Tokocrypto are proud to be part of this digital transformation and to lead in its initiation. The steps taken by Bappebti, along with full support from the government, provide a solid foundation for the growth of the crypto industry in Indonesia,” said the CEO of Tokocrypto, Yudhono Rawis.
Yudho added that the regulation and supervision of crypto assets, previously under Bappebti, will officially transfer to the Financial Services Authority (OJK) in January 2025, building stronger regulations to maintain market integrity and protect consumers. The transition of crypto asset supervision to OJK marks a new chapter in digital financial regulation in Indonesia. With collaboration between regulators and industry players, Indonesia is on the right path to harness the full potential of digital financial assets, including crypto assets, to support national economic growth.
Sustaining Growth
In early 2024, Tokocrypto recorded significant achievements, dominating about 43% of the market based on CoinMarketCap data, with over 4 million users and an average daily transaction exceeding US$30 million. This comprises more than 400 types of tokens and coins traded on the platform, positioning Tokocrypto as a critical indicator in Indonesia’s progression within the crypto industry.
The outstanding performance in early 2024 was supported by various positive developments in the crypto world, including optimism towards Bitcoin spot ETFs and anticipation of the Bitcoin halving. Yudhono shared exciting plans for 2024, such as increasing the trading transaction volume to reach US$12 billion (approximately Rp 189 trillion) and doubling its users to 6 million people in 2024.
“The user growth at Tokocrypto reflects a global trend showing increasing interest in crypto investments. Additionally, the increasing adaptation of Indonesian investors indicates that the crypto market continues to grow and become more inclusive for various segments of society,” explained Yudho.
Tokocrypto has also significantly contributed to tax revenue from crypto asset transactions in Indonesia during 2024. According to the Directorate General of Taxes of the Ministry of Finance of the Republic of Indonesia, as of February 2024, tax revenue from crypto transactions has reached US$4.5 million. Tokocrypto has contributed approximately US$1.8 million, equivalent to about 40%.
Toko Token (TKO)
To support innovation, Tokocrypto has made significant changes to Toko Token (TKO), Tokocrypto’s original utility crypto token, aimed at advancing blockchain technology adoption in Indonesia. The TKO Foundation, a separate independent entity from Tokocrypto, will manage TKO.
“This will ensure the sustainability of TKO and provide new utilities that would not be possible if TKO were just a simple exchange token,” explained Yudho.
The main focus of the TKO Foundation is to develop the TKO token. The TKO Foundation has released a whitepaper introducing a roadmap and a new management team determined to advance this local crypto asset project further. The market capitalisation of TKO tokens has reached US$52 million, making it the most prominent local token.
Since the release of White Paper V4.0 on January 31, 2024, TKO has achieved remarkable success in February 2024, entering the Top Gainers list, according to CryptoRank. TKO’s performance has significantly improved, marking a historic milestone and boosting investor confidence.
According to TKO’s Monthly Return (USD) data, TKO’s performance experienced a significant increase of 68.8% during February 2024. This marks an important milestone in TKO’s history, demonstrating the potential of this crypto asset project and its considerable development.
For more details about the V4.0 TKO whitepaper, please refer to the official Tkotoken website. Additionally, you can track TKO’s price performance on platforms like CoinMarketCap and CryptoRank.
This press release has also been published on VRITIMES