JAKARTA, Indonesia, Jan. 11, 2024 /PRNewswire/ — Indonesia’s blockchain and crypto asset ecosystem continues to witness substantial growth year after year, demonstrated by the numerous blockchain-based companies and projects emerging in the country. The latest data collected from the Ministry of Communication and Informatics (Kominfo) as of September 2023 reveals that 1,629 companies and startups have registered in the Online Single Submission (OSS) system under the Standard Classification of Indonesian Business Fields (KBLI) 62014 related to Blockchain Technology Development Activities. Additionally, the total number of investors in Indonesian crypto assets reached 18.25 million as of November 2023, according to the Commodity Futures Trading Regulatory Agency (Bappebti), surpassing the 9.98 million investors in the capital market.
In contrast to the Indonesia Web3 Landscape 2022, which featured only 12 categories of industry players in the blockchain ecosystem, the 2023 edition promises a more comprehensive view of the development and mapping of industries and agencies involved in the Web3 sector in Indonesia. This expanded landscape encompasses not only local business actors but also global companies actively supporting the evolution of Web3 in Indonesia. The association has broadened its categories to 15 sections, covering a wide range of aspects from government involvement to entertainment needs:
Government and Institutions Infrastructure & Active Protocols Blockchain Development & Consulting Media and Education (Edutainment) Social Platforms NFT & Metaverse Exchanges & OTC Blockchain-based Services Investment Tools Wallet Providers Anti-Money Laundering (AML)/Transaction Monitoring Token Funds Web3 Gaming Supporting Services
These new categories signify the increased innovation, efficiency, and service reliability across various sectors, from transactions to entertainment. This development indicatesa robust effort to create a more mature and diverse Web3 ecosystem. Steven Suhadi, Vice Chairman for Literacy and Education of the Asosiasi Blockchain dan Pedagang Aset Kripto Indonesia/Indonesian Blockchain and Crypto Asset Exchanges Association (A-B-I & Aspakrindo), explained that the objective of this landscape is to highlight the increasing sustainability and diversity within the industry. He emphasized the wide range of applications that crypto assets and blockchain technology offers, providing numerous opportunities for collaboration and synergy with various other sectors. "Mapping the current condition of the industry will enable new parties to join and collaborate with existing entities," said Steven. The association also aims to place Indonesia as an inclusive and friendly global leader in the crypto and blockchain assets industry.
In alignment with the development of Indonesia’s blockchain and crypto asset ecosystem, A-B-I & Aspakrindo experienced positive member growth in Q4 2023, with the total number of members increasing by 37% to reach 67. This growth reflects the industry’s changes in Indonesia, indicating increasing adoption and strong interest in the blockchain ecosystem and crypto assets. "This also has an impact in strengthening the role of A-B-I & Aspakrindo as a collaboration forum to continue supports the industry players operating in the blockchain and crypto assets sector," said Asih, Executive Director, A-B-I & Aspakrindo. Despite the crypto market experiencing a bear market, the crypto and Web3 industry in Indonesia continues to develop, with blockchain technology increasingly used for various use cases. The involvement of government and institutions signals the next wave of adoption, not only focusing on retail and individuals but also on government agencies. "This marks a positive progress for the crypto and Web3 ecosystem in Indonesia, especially with the collaboration between industry and government," concluded Dhila, representing ICN.
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