Best Cryptocurrencies in Indonesia 2024 That Are Legal Other Than Bitcoin and Ethereum

cryptocurrency, concept, blockchain in2024

Investing in crypto assets is tricky. It can give you unprecedented profits if you do it right. On the other hand, all of your assets can disappear overnight if you bet on the wrong thing. While many factors may affect the security and potential profit of a crypto asset, one of the most important ones is the legal status of said asset.

Interestingly, there are many legal cryptocurrencies in Indonesia, making asset diversification a viable strategy for a crypto investor. However, investing in every available cryptocurrency may not be the most efficient approach.

Therefore, rather than pursuing that approach, let's take a look into what experts consider to be the best cryptocurrencies to invest in Indonesian crypto exchanges.

Regulations of BAPPEBTI Regarding Cryptocurrency in Indonesia

bitcoin, ethereum, and crypto regulation in Indonesia

An abbreviation of Commodity Futures Trading Supervisory Agency (Commodity Futures Trade Supervisory Board), BAPPEBTI is a governmental agency that regulates and supervises the commodity market in Indonesia. According to the Indonesian government, crypto assets are classified as commodities. Hence, it is BAPPEBTI that is charged with overseeing the crypto market.

Before any crypto-related laws existed, many Indonesian citizens were trapped and scammed by illegal exchanges and crypto agencies. Then, BAPPEBTI came along with regulations. The agency's main objective is to provide legal certainty and guidelines for the public who wish to invest in digital currency.

One of the most substantial regulations is the whitelist, which is a list of cryptocurrencies with a BAPPEBTI license. The agency considers crypto assets included in the whitelist as safe and reliable for trading and investing. The list is dynamic, adapting to the advancements in blockchain technology. The newest one contains 501 crypto assets, including Bitcoin and Ethereum.

Bitcoin and Ethereum

ethereum and bitcoin as DeFi coins

Being the pioneer of the blockchain technology and digital currency ecosystem, Bitcoin is a notable asset that most crypto enthusiasts trust. Launched in 2009, the prices of Bitcoin have been growing, and even more so with increasing demands. It also has successfully proven its functionality that many vendors accept BTC for transactions and purchases in their stores.

Launched in 2015, ETH has made it to be a strong player in the crypto market. One impressive aspect of Ethereum is its smart contract system, which makes blockchain transactions more secure and affordable. Also, Ethereum is designed to be a programmable platform that can support various use cases, such as finance, gaming, social media, and more.

Bitcoin and Ethereum are popular because each of them has the largest and most active community of developers, users, and investors. They also have the most established and secure networks, which makes their global services more reliable and trustworthy. Additionally, they have the most innovations and token adoption, as many new projects and applications are built on top of them or inspired by them.

More Recommended Cryptocurrencies with BAPPEBTI License 2024

Both Bitcoin and Ethereum have been leading the crypto trading market worldwide, including in Indonesia. While they are valuable as investments, other cryptocurrencies are also worth investing in. Here they are:

Tether (USDT)

tether for investment in 2024

Tether is a blockchain-based currency pegged to the US dollar. It means that one USDT coin is equivalent to one US dollar. Tether was established to maintain a stable price, preventing unexpected volatility like any other cryptocurrency. The Tether ecosystem is owned and regulated by a private company, Tether Limited.

Tether was launched into the crypto market in 2014. There were times when the price of one Tether coin went up and down, de-pegged to USD. However, it has been relatively stable at 1 USD since 2018. This stablecoin is widely accepted, although still incomparable to Bitcoin.

The price of 1 USDT token when launched in 2014 was equal to IDR 11,870. At the beginning of 2024, it has grown to be IDR 15,516.


Experts are confident about investing in Tether because it has several advantages as below:

  • Price stability prevents you from losing the value of your investment.
  • Reliable protection system, making it trustworthy among the crypto community around the world.
  • Suitable for straightforward transactions due to its stable prices and versatility.
  • High liquidity because Tether is widely acceptable on various platforms.


However, Tether also has disadvantages that put it at risk as an investment:

  • Lack of transparency from the issuing company regarding the crypto reverse.
  • Not as decentralized as other crypto tokens because the Tether network is owned and regulated by a centralized company.

Solana (SOL)

Solana token in 2024

Solana has been successfully gaining the trust of crypto enthusiasts due to its unique and advanced features. Many experts even say that Solana has become a promising competitor to Ethereum. It also has the potential to be one of the most sustainable cryptocurrencies in Indonesia.

Its hybrid protocol of Proof-of-Stake and Proof-of-History allows thousands of transactions per second and achieves fast confirmation times. With these features, Solana coin becomes a scalable yet low-cost cryptocurrency with incredibly high performance.

The price of 1 SOL token when launched in 2020 was IDR 14,769. At the beginning of 2024, it has grown to be equal to IDR 1,508,320. What a steep increase, wasn't it?


Solana has been growing impressively in a mere 4 years because it has advantages like these:

  • Fastest processing times than any other cryptocurrency, up to 50,000 transactions per second.
  • Exceptionally low fees (less than $.01).
  • Its global ecosystem has been rapidly growing in the last few years.
  • Its innovative technologies show high potential for more growth and development in the future.


Even so, Solana also needs to address its disadvantages as below to keep leading the market:

  • Solana has experienced several network outages and attacks, which means security concerns.
  • Very reliable on expensive hardware advancements for staking.

Klaytn (KLAY)

klaytn metaverse of 2024

Launched in 2019 by a famous South Korean company, Kakao, Klaytn offers a comprehensive metaverse package rather than just regular cryptocurrency. It has a hybrid consensus algorithm that allows fast transaction finality that can process up to 4,000 transactions per second.

Although issued by a company, Klaytn has a trustworthy decentralized governance council. The members of this council are from 30 reputable corporations from various countries. They are the consensus nodes that validate transactions and produce blocks.

One KLAY coin was only IDR 1,422 when launched. However, the price of the Klaytn token has grown to IDR 4,005 at the beginning of 2024.


Klaytn brings several benefits as below:

  • Easy to create and build complex software within its developer-friendly ecosystem.
  • Compatible with Ethereum Virtual Machine and the Solidity programming language, supports cross-chain development.
  • Scalable volume for personal and business.
  • The fixed unit price for any transaction makes Klatyn cost-effective.


While it has great opportunities to grow, Klaytn still has these drawbacks that you must consider before investing:

  • Despite being issued by an established company, Klaytn is still facing tight competition in the market.
  • Lack of detailed information regarding the projects from developers

Cardano (ADA)

cardano DeFi project

It didn't take much time for Cardano to excel since it launched in 2015. In less than 10 years, ADA coin has been one of the top ten cryptocurrencies in Indonesia by market capitalization. Experts also predict that this project will likely grow even more profitable in the future.

Cardano is designed to create a global financial system that's inclusive and sustainable, grounded in research. The development process follows rigorous academic research and undergoes thorough peer reviews. In 2021, Cardano asserted that it's 1.6 million times more energy-efficient than Bitcoin.

ADA coin was very cheap on its initial launch. It was only IDR 267. Surprisingly, acquiring a Cardano token in early 2024 will cost you IDR 8,080.


Cardano has grown impressively these past few years due to its benefits as follows:

  • It is very eco-friendly, consuming 1.6 million times less energy than Bitcoin.
  • Research-based development instead of trial-and-error to minimize risks.
  • Strong support from a community network of developers and investors.
  • Strategic partnerships with organizations and governments from various countries in the world.


On the contrary, its future growth might be hindered by its drawbacks as follows:

  • Growth is still considered slower compared to other cryptocurrencies in Indonesia with high market capitalization.
  • Price is still very volatile and easily affected by changes in regulations, speculations, and technicalities.

XRP Ledger by Ripple (XRP)

coin, cryptocurrency, ripple

More than a cryptocurrency, XRP Ledger by Ripple also works as a payment protocol to facilitate cross-border transactions at a much lower cost and less processing time. With its unique engineering, the Ripple blockchain is pre-mined, which is contrary to Bitcoin.

Despite facing regulatory challenges, Ripple has also gained the trust of over 200 other global financial institutions due to its incredible functionality. Thus, many experts in the crypto community are confident of its potential.

Since its initial launch in 2012 to early January of 2024, the price of XRP coin has skyrocketed from only IDR 88 to a staggering IDR 9,024.


XRP coin can be profitable because of the advantages that Ripple has, such as:

  • Has been adopted by many institutional markets and trading platforms in the world.
  • Incredibly low cost, only 0.00001 XRP per transaction.
  • Instant processing time, only 3-5 seconds.
  • Compatible with other digital currencies, fiat exchanges, and even commodities.


However, Ripple still has a lot of work to address these disadvantages to keep the stellar XRP performance in the market:

  • Not fully decentralized because its issuing company can still influence the supply-demand balance.
  • Pre-mined blockchain may reduce the value of XRP coins due to compromised scarcity.


Do I have to pay taxes for crypto investment in Indonesia?

Yes, you do. There will be taxes for every buy and sell transaction you perform on any volume in any trading platform.

Is it safe to invest in new cryptocurrency in Indonesia?

It depends on the quality of the projects. If you want to invest in a new digital currency, study its white paper first to determine whether it has promising potential. However, it is not recommended to invest in a cryptocurrency outside the BAPPEBTI whitelist.

Does a good cryptocurrency in Indonesia need to be sustainable?

Sustainability and energy efficiency are some of the strong advantages that make a cryptocurrency have great potential for future adoption. However, less sustainable crypto does not necessarily mean bad.

Is there any cryptocurrency in Indonesia that we can use as a payment method?

Many governments around the world, including Indonesia, have not approved cryptocurrencies as legal payment methods. However, you can still use them for transactions between individuals or merchants who are willing to accept them.

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