Indonesia has become one of the world's top 10 crypto markets, driven by significant retail adoption, increased on-chain activity, and a major regulatory shift in January 2025 that reclassified crypto from a commodity to a digital financial instrument under the Financial Services Authority (OJK). The country now ranks 4th in Asia-Pacific for on-chain transaction value, with over 19 million active crypto users. This regulatory clarity has led to a sharp increase in licensed crypto exchanges to 25, regulated crypto derivative trading reaching Rp86.25 trillion by September 2025, and crypto-related tax revenue of Rp1.76 trillion as of October 2025.