A new study from the Institute for Economic and Community Research (LPEM FEB UI) at the University of Indonesia reveals that the crypto sector is beginning to leave a visible imprint on the nation’s economy.
According to the report, crypto asset trading generated IDR 70.04 trillion in added value in 2024, roughly 0.32% of Indonesia’s GDP.
However, the researchers argue this is only the beginning. If illegal crypto platforms were brought into the regulated system, the sector’s GDP contribution could swell to around IDR 260 trillion.
On the employment front, the study estimates that the crypto industry currently supports over 333,000 jobs. In a fully formalized ecosystem, jobs could rise to as many as 1.2 million workers.
Reacting to the findings, Calvin Kizana, CEO of Tokocrypto, called the report empirical proof that crypto is no longer simply a speculative asset: it is now a component of Indonesia’s digital economy.
“This data shows crypto has contributed to national economic growth, opened up new jobs, and strengthened people’s digital financial literacy,” he said.
Kizana also flagged key regulatory obstacles. He noted that token listing processes still take up to 10 days, and crypto taxation is heavier than for comparable investment vehicles.
He urged tax reforms, suggesting the tax treatment be aligned with stocks (for instance, a final income tax of 0.1%) to boost the competitiveness of domestic exchanges.
The LPEM FEB UI study underscores a delicate balance for regulators: unleashing the full potential of crypto’s economic benefits while managing risks tied to market integrity, illicit platforms, and consumer protection.
If Indonesia can strike that balance, the sector could become a cornerstone of the nation’s inclusive, digital-driven growth story.