According to data released by Indonesia’s commodities regulator in September, the majority of crypto users in the country are aged 30 and below.
The Commodity Futures Trading Regulatory Agency (Bappebti) and local crypto platforms in Indonesia have revealed that over 60% of crypto investors in the country fall between the ages of 18 and 30. The report from September showed that 26.9% were between the ages of 18 and 24, while 35.1% were between 25 and 30.
In addition to the demographics, Bappebti also reported that the total volume of crypto asset transactions reached 33.67 trillion Indonesian rupiah, which is approximately $2.1 billion. As of September, the number of crypto users in Indonesia reached 21.27 million.
Bappebti also noted 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, which means Bappebti has established a structured framework for crypto trading. However, crypto users in the country face challenges from the country’s dual tax system for crypto transactions.
Despite the dual taxation, Indonesians continue to use digital assets. In 2022, Indonesia implemented a 0.11% value-added tax and a 0.1% capital gains tax on crypto transactions.
However, Bappebti has urged the government to reassess its taxation rules for cryptocurrencies. On March 2, executive staff at Bappebti requested a reassessment of the tax regime in Indonesia. Tirta Karma Senjaya, head of the Bureau of Market Development and Development at Bappebti, explained that crypto may soon become an integral part of the country’s economy.
“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,” Senjaya said.
The demographics of crypto users in Indonesia reflect a broader global trend. A survey conducted by Policygenius in the United States showed that 20% of Gen Z adults (ages 18-26) and 22% of millennials (ages 27-42) are more likely to invest in crypto assets compared to the older generation.
A Bitget study in 2023, which featured 255,000 respondents in 26 countries, showed that 46% of millennials across major economies own cryptocurrencies.