In 2021, the number of global crypto holders has been estimated to have increased by 3.9% to more than 300 million crypto users worldwide, with more than 18,000 businesses already accepting cryptocurrencies as payment. India is currently in the lead with 100 million users, followed by the United States with 27 million users and Russia with 17 million users.
According to data from Triple A, Indonesia has the seventh-largest crypto user base, below Brazil and Pakistan. It is estimated that there are 7.2 million Indonesians who own cryptocurrencies, while according to the Indonesian Blockchain Association, as of July 2021, the number of crypto owners in Indonesia is 7.4 million people, an increase of 85% from 2020. This number is significantly more than the number of stock investors in Indonesia with only 2.7 million investors, based on data from the Indonesia Stock Exchange.
Bitcoin (BTC) is legal in Indonesia as a commodity and can be traded on crypto exchanges. Early this year, the Commodity Futures Trading Regulatory Agency (BAPPEBTI) issued a whitelist of legal crypto assets for trading in Indonesia.
This whitelist consists of 229 crypto assets, including Bitcoin, Ether (ETH), Polkadot (DOT), Cardano (ADA) and the popular memecoin Dogecoin (DOGE), that are allowed for trading on registered exchanges.
These crypto assets are selected by two approaches: The first is a juridical approach which looks at the top 500 coins based on market cap in accordance with the provisions in regulation Number 5 of 2019.
The second is through a process of hierarchy analysis, wherein BAPPEBTI assesses the security aspects, profiles of the founders and developer team, blockchain system governance, blockchain system scalability, roadmap and its verifiable progress.