The Financial Services Authority (OJK) reports that approximately 72% of Digital Financial Asset Traders are in a net loss at the end of 2025.
Reported by Coinvestasi, OJK’s Chief Executive of Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets Supervision, Hasan Fawzi explained, “Out of all licensed Digital Financial Asset Traders, 72% still record business losses.”
“Indeed, this industry still needs further development and higher market penetration,” he concluded in a meeting with Commission XI of the House of Representatives (DPR) of the Republic of Indonesia on January 21.
On the other hand, Indodax reported that the number of crypto users in Indonesia reached 19.56 million accounts by the end of 2025. However, the volume of national crypto transactions has declined significantly. From Rp650 trillion in crypto transactions in 2024, this figure fell to Rp482.23 trillion in 2025.
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According to OJK, this is because local investors prefer regional and global platforms over local exchanges. This is supported by Indodax CEO William Sutato, who observed that local traders are looking for more competitive foreign platforms.
“Foreign exchanges don’t have the same tax and compliance burdens as domestic players, but they can still be accessed by Indonesian investors,” said Sutanto, as quoted by BeInCrypto.
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In addition, crypto users in Indonesia choose foreign platforms for their lower transaction fees, faster withdrawal times, and security considerations.
Finally, Sutanto added that the unbalanced market structure affects competition among local players.
There are 23 local exchanges registered with the OJK as of September 2025. However, this number is considered too big for the size of the local crypto market and current transaction volume.
Competition has become fiercer with the arrival of global players entering the Indonesian market directly. Binance, one of the world's largest exchanges, has been operating in Indonesia through its subsidiary, Tokocrypto.
Similarly, Robinhood announced that it would acquire the Indonesian exchange Coinvest last December.
Challenges also stem from a lack of confidence in domestic exchanges. Crypto users remain wary of Indodax, which suffered a hacker attack in 2024. To this day, the OJK is still investigating the case of missing customer funds amounting to Rp600 million.
Given the high platform fees and taxes imposed by local exchanges, as well as security that is not yet fully guaranteed, it is only natural for crypto holders in Indonesia to leave local exchanges and switch to broader and more trusted global platforms. Until these two issues are resolved, Indonesian crypto exchanges will continue to lose users.
