Indonesia’s crypto user base has surpassed 20 million, but profitability remains elusive for most domestic exchanges. According to the Financial Services Authority (OJK), roughly 72% of licensed crypto exchanges in the country were still unprofitable at the end of 2025.

The figures highlight a structural imbalance in the market. While retail adoption continues to grow, a significant portion of trading activity is shifting to overseas platforms. As a result, local exchanges are competing for a shrinking share of domestic transaction volume.

Regulators say the challenge is not user demand, but where that demand is being served — a trend that raises concerns about the long-term viability of Indonesia’s licensed crypto ecosystem.