Core Insights - Approximately 72% of licensed crypto exchanges in Indonesia were unprofitable by the end of 2025, despite the user base exceeding 20 million, indicating a significant structural challenge in the market [1] Group 1: Market Performance - The total value of crypto transactions in Indonesia decreased to IDR 482.23 trillion (approximately $30 billion) in 2025, down from IDR 650 trillion in 2024, attributed to a shift towards regional and global trading platforms [2] - The domestic transaction value remains suboptimal as much of the trading activity is directed towards the global ecosystem, with users seeking more efficient execution and competitive costs [3] Group 2: Competitive Landscape - Domestic exchanges face an uneven playing field due to tax and compliance burdens that foreign platforms do not encounter, allowing Indonesian investors to access overseas exchanges via VPN [4] - Users prefer overseas platforms for reasons such as lower costs, faster withdrawals, and security concerns stemming from past incidents like the Indodax hack in 2024 [5] Group 3: Regulatory Environment - A major regulatory shift occurred on January 10, 2025, when oversight of the crypto market transitioned from Bappebti to OJK, leading to the issuance of new licenses and increased competition among 29 licensed exchanges [6] - The entry of global players, such as Robinhood's acquisition plans for local brokerage and crypto trading firms, adds further pressure to the domestic market [7]

Group 1 - Upbit has initiated a coin listing spree in response to Bithumb's increasing trading volume, having listed seven tokens in the past 10 days [1][3] - As of September 9, Bithumb's market share reached 46%, while Upbit held a 50.6% share, indicating a narrowing gap [1][2] - Upbit has historically maintained a market share above 80% but is now facing competition from Bithumb, which has formed a partnership with Kookmin Bank [2][3] Group 2 - Upbit's rapid response to the trading volume growth of Worldcoin (WLD) included listing WLD within hours of its market share increase for Bithumb [4][5] - The total number of listings by Upbit in September has already exceeded its total for August, indicating a significant increase in activity [5] - Experts express concern that the intense competition between exchanges may lead to hasty decisions that could compromise the review process for new listings [6][7]