Calvin Kizana, CEO of Tokocrypto
The cryptocurrency industry in Southeast Asia is entering a new, more competitive phase. Countries across the region are racing to create crypto-friendly regulations and attractive incentives to drive the growth of blockchain and digital asset-based economies. Among the frontrunners are Thailand and Vietnam, which have taken bold strategic steps to position themselves as regional digital asset innovation hubs.
Thailand’s government recently announced a personal income tax exemption for users of local crypto exchanges, offering a 15 per cent tax break. This policy, effective until December 31, 2029, signals the country’s serious intention to solidify its status as a crypto hub in Asia. The tax incentive creates more space for both retail and institutional investors to participate legally and profitably in the digital asset ecosystem.
Meanwhile, Vietnam has shown strong ambition through the passage of its Digital Technology Industry Law on June 14, 2025. The law places cryptocurrencies within a formal regulatory framework, applying strict anti-money laundering (AML) and anti-terrorism standards. Like Indonesia, Vietnam classifies crypto as a digital asset, but it now leads in terms of legal clarity and a well-defined technology adoption roadmap.
According to the Global Crypto Adoption Index 2024 by Chainalysis, Vietnam ranks 5th, while Thailand holds the 16th position. Indonesia currently stands at 3rd globally — a dominant position that could be threatened if strategic actions are not taken to strengthen the local industry.
Indonesia must act in unity to advance its crypto industry
Across the region, experts are calling for stronger collaboration and clearer regulatory frameworks to keep pace with fast-moving crypto innovations. Calvin Kizana, CEO of Tokocrypto, echoes this sentiment, noting, that the rapid developments in neighbouring countries should serve as both a wake-up call and a source of motivation for Indonesia to further enhance its crypto ecosystem.
Also Read: Markets on the move: Trade talks, housing slumps, and crypto whales stirring
“Indonesia has huge potential as a crypto market, but we cannot afford to be complacent. To stay ahead of Vietnam and Thailand, we need strong synergy between the government, industry players, and the public to create supportive regulations, provide widespread education, and offer incentives that drive adoption,” he said.
He suggested that Thailand’s tax incentives could serve as a reference point for Indonesia to develop more supportive fiscal policies. Meanwhile, Vietnam’s regulatory approach could inspire the creation of a clear and secure legal framework for investors and tech developers.
“With progressive regulation, cross-sector collaboration, and shared commitment, we believe Indonesia’s crypto industry can not only survive but also lead in Southeast Asia,” Kizana added.
Strategies to Stay Competitive
To remain competitive in Southeast Asia, industry stakeholders are proposing several strategic moves that Indonesia must consider. Key among these is offering fiscal incentives, such as simplifying the tax structure for crypto assets on local exchanges. Existing regulations also need to be refined to better accommodate evolving technologies and business models within the crypto space.
Boosting digital and financial literacy is another vital step to ensure broader, responsible public participation in the crypto ecosystem. Support for startups and developers should be strengthened through easier access to funding, regulatory sandbox development, and incubation programs for blockchain projects. In addition, strategic collaboration among regulators, businesses, and educational institutions is crucial to nurturing globally competitive digital talent.
Kizana stressed the importance of taking these steps to avoid losing momentum in the digital economy race. “We must not fall behind. Blockchain and digital assets represent the future, and that future must be built collectively by all sectors of the nation,” he concluded.
—
Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.
Join us on Instagram, Facebook, X, LinkedIn, and our WA community to stay connected.
Image courtesy of the author.
The post Southeast Asia’s crypto race heats up: Can Indonesia stay ahead? appeared first on e27.