New Regulated Crypto Exchange Raises Hopes for Indonesia Industry Revival

JAKARTA, Investortrust.id — Indonesia crypto industry enters a new phase as International Crypto Exchange becomes the country second regulated digital asset exchange on Thursday, Jan 15, 2026 in Jakarta, a development expected to strengthen market structure and revive growth after transaction values slowed in 2025. The exchange has secured a license from the Financial Services Authority and Rp 1 trillion in strategic funding, positioning it as a direct competitor to the existing exchange Central Finansial X.

This marks the first time Indonesia has more than one regulated crypto exchange operating under OJK supervision. Industry players view the move as a milestone toward a more competitive and sustainable crypto market, reducing reliance on a single exchange and improving overall market resilience.

Tokocrypto chief executive officer Calvin Kizana said the presence of another regulated exchange was a positive step for the industry. He said competition among regulated players would improve transparency, efficiency, and investor confidence in Indonesia crypto ecosystem.

"With the presence of a new OJK regulated crypto exchange, the market structure becomes more competitive and no longer depends on a single player. This is important to encourage transparency, efficiency, and to increase investor confidence in the national crypto asset industry," Calvin said in a press release on Thursday, Jan 15, 2026.

Despite receiving its operating license, ICEx has yet to begin full trading activities. OJK said the exchange must still complete operational cooperation with clearing institutions, custodians, and Digital Financial Asset Traders before it can operate fully, a process aimed at ensuring consumer protection and orderly markets.

The launch comes as Indonesia crypto transaction values showed a slowdown last year. OJK recorded total crypto asset transactions in 2025 at Rp 482.23 trillion, down from Rp 650.61 trillion in 2024, reflecting a period of consolidation amid global market uncertainty.

OJK chief executive for digital financial innovation and crypto asset supervision Hasan Fawzi said monthly transaction value in December 2025 stood at Rp 32.68 trillion. He said the annual figure showed that market confidence remained intact despite lower activity toward the end of the year.

"So the total value of crypto asset transactions throughout 2025 has been recorded at Rp 482.23 trillion. This shows that although there was a decline in monthly transaction value at the end of the year, consumer confidence and market conditions remained well maintained," Hasan said in a written statement.

Hasan added that consumer participation continued to rise even as transaction values eased. By November 2025, the number of crypto consumers reached 19.56 million, showing sustained investor interest.

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"With regard to the development of crypto asset activity in Indonesia as of November 2025, the number of consumers was recorded to be on an upward trend, reaching 19.56 million consumers. Interest from crypto investors in Indonesia continues to increase, even though there has been a monthly decline in transaction value at the end of the year," he said.

Data from Indodax showed domestic trading activity remained strong. The exchange recorded rupiah market transaction volume of Rp 201.2 trillion in 2025, up 51.65 percent from around Rp 132.6 trillion a year earlier, reinforcing its position as the largest crypto exchange in Indonesia with more than 40 percent market share.

Indodax vice president Antony Kusuma said transaction fluctuations throughout 2025 reflected normal market dynamics shaped by global sentiment and macroeconomic conditions. He said volatility was part of a healthy market cycle.

"Throughout 2025, crypto asset trading activity remained active. The ups and downs of transactions in each period are a natural response to changes in global sentiment and economic policy, thus reflecting a market that is moving in a healthy way," Antony said in a press release on Tuesday, Jan 13, 2026.

Antony said the growth in rupiah market transactions showed domestic investors remained active in using crypto assets as part of their fund management strategies.

"The increase in transaction volume in the rupiah market, particularly at Indodax, illustrates that domestic investors are still actively using crypto assets as part of their fund management strategy. Amid market volatility, investors continue to see crypto assets as an alternative investment instrument," he said.

From a product perspective, USDT, Bitcoin, and Ethereum dominated rupiah market transactions in 2025, accounting for about 22 percent, 13 percent, and 7 percent of total volume, respectively. The dominance highlighted investor preference for highly liquid assets that serve as key market benchmarks.

Both industry players and regulators said clearer regulation had become a critical foundation for sustaining growth. OJK issued several policies in 2025, including Regulation No. 30 of 2025 on governance and risk management and Circular Letter No. 34/SEOJK.07/2025 on business plans for digital financial asset trading operators.

OJK also published a whitelist of licensed digital financial asset traders, including Indodax, to ensure a safer and more credible ecosystem for investors.

Calvin said the entry of ICEx could act as a catalyst for renewed growth as infrastructure improves and competition intensifies.

"The increase in the number of consumers shows that industry fundamentals remain solid. With increasingly complete and competitive market infrastructure, we are optimistic that crypto transaction activity can grow again in a healthy and sustainable manner going forward," Calvin said.