Indonesian Crypto Users Top 22.69 Million; Industry Urged to Boost Compliance and Innovation

Indonesia's crypto asset sector has seen significant growth, with user numbers reaching 22.69 million as of June 2026. This expansion necessitates a dual focus on strengthening regulatory compliance and boosting the quality of domestic products and services to effectively compete with global digital asset platforms.

Discussions at Coinfest Asia 2026 in Bali brought together government officials, regulators, and industry players. Key themes included the importance of consumer protection, regulatory clarity, and fostering an environment conducive to innovation. Oscar Darmawan, Co-Founder of Indodax, emphasized that regulatory compliance is a cornerstone for building trust and attracting institutional investment.

However, Darmawan stressed that compliance must be paired with product and service development. He argued that superior local offerings would give users more reason to remain within Indonesia's regulated ecosystem, ensuring better protection. He also pointed to the Financial Services Authority's (OJK) regulatory sandbox as a valuable tool for testing new innovations before wider implementation, allowing regulators and industry participants to assess risks and consumer impacts.

Wakil Menteri Investasi dan Hilirisasi (Deputy Minister of Investment and Downstreaming) Todotua Pasaribu noted the increasing relevance of blockchain technology and digital assets, including crypto, in investment trends. He sees potential for Bali to become an investment and technology hub. Meanwhile, Ketua Komisi XI DPR RI (Chair of Commission XI of the House of Representatives) Mukhamad Misbakhun stated that regulations for the digital financial sector must keep pace with technological advancements without stifling innovation, emphasizing the need for adequate human resources and inter-agency coordination.