Indonesia Slows as Asia's Crypto Powerhouses Surpass

Indonesia has fallen to seventh place in global cryptocurrency adoption in the 2025 Chainalysis Global Crypto Adoption Index, reflecting a shift in momentum across the Asia-Pacific region. The index, which evaluates 151 countries based on factors such as transaction volume, web traffic, population, and purchasing power, highlights a growing divide between countries that have embraced digital assets and those that have lagged behind.

The Asia-Pacific region remained the fastest-growing hub for crypto adoption, with on-chain activity rising by 69% year-on-year. The region's total crypto transaction value climbed from $1.4 trillion to $2.36 trillion between July 2024 and June 2025, driven largely by major markets such as India, Vietnam, and Pakistan. Despite these advancements, Indonesia, which previously featured in the top 10, now ranks seventh—indicating a slowdown in adoption growth relative to its regional peers [1].

India maintained its position at the top of the index for the third consecutive year, dominating across all subcategories including centralized value, decentralized finance (DeFi) value, and institutional value. The US also rose to second place, bolstered by the launch of spot Bitcoin ETFs and regulatory clarity that has increased institutional participation and public confidence [2]. Vietnam and Pakistan followed, with Vietnam having recently enacted a new digital technology law to regulate cryptocurrencies and enhance cybersecurity measures [3].

The drop in Indonesia’s ranking suggests a relative stagnation in adoption compared to the rapid growth in its neighbors. While it continues to show a strong crypto ecosystem, it has not matched the regulatory developments and transaction volume increases seen in top-ranking countries. Indonesia’s position also places it behind several other Southeast Asian markets, including Vietnam, which continues to lead in grassroots adoption driven by high web traffic and transaction volumes.

The index also highlights the role of utility in driving crypto adoption, with stablecoins playing a key role in remittances, savings, and cross-border transactions. Countries experiencing economic instability or inflation—such as those in Eastern Europe—showed particularly high per-capita adoption, suggesting that crypto is often adopted not for speculative gains but as a functional financial tool [2].

The broader trends in the report indicate that crypto adoption is increasingly aligned with real-world use cases, particularly in emerging markets where traditional financial infrastructure is limited. However, regulatory clarity remains a key factor in accelerating adoption in more developed economies, as seen in the US and parts of Europe where institutional investment has surged with the introduction of regulated crypto products.

Chainalysis’ findings underscore the dynamic and evolving nature of global crypto adoption, with regulatory environments and economic conditions playing a pivotal role in determining where and how quickly digital assets are integrated into everyday financial systems.

Source:

[1] Vietnam ranks fourth globally in crypto adoption (https://en.vneconomy.vn/vietnam-ranks-fourth-globally-in-crypto-adoption.htm)

[2] US Second In Crypto Adoption On ETFs, Regulatory Clarity (https://cointelegraph.com/news/us-second-in-crypto-adoption-india-leads-all-chainalysis)

[3] Crypto Adoption 2025: India, US, And Pakistan Secure Top (https://www.mitrade.com/insights/news/live-news/article-3-1094199-20250904)