Indonesian cryptocurrency transactions reached over $30 billion from January to October 2024, marking a substantial 350% year-over-year increase, although still below the 2021 peak of approximately $54 billion. The Commodity Futures Trading Supervisory Agency reported that the total was around $6.5 billion in the same time period of 2023, down from $19.4 billion for the entire year of 2022. The recovery is attributed to recent policy changes, including modifications to institutional investment regulations, which may have catalyzed a rally in transactions. Additionally, Indonesia ranks third on Chainalysis’ Global Cryptocurrency Adoption index, with a notably high adoption rate among younger demographics compared to Western markets. Despite previous setbacks from the 0.1% tax on crypto gains introduced in 2022, the market appears to be rebounding as investors resume activity amidst ongoing regulatory discussions.

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