This article was first published on Deythere.
Crypto exchanges spent the previous bull cycle chasing after users first and regulators later. However, Bybit has just announced the launch of Bybit Indonesia after acquiring a majority stake in PT Enkripsi Teknologi Handal (the company previously known as NOBI).
Instead of spending years trying to navigate a years-long approval process, this time, the exchange just bought an existing regulated operator and entered the market immediately with local infrastructure already in place.
The platform will initially offer more than 500 cryptocurrency trading pairs before introducing additional products in phases.
Former NOBI executives Lawrence Samantha and Dionisius Evan will remain in charge as chief executive officer and chief operating officer respectively, preserving local leadership while leveraging Bybit’s global liquidity network.
Indonesia Has Quietly Become One Of Crypto’s Largest Retail Markets
Indonesia isn’t often the first place one hears about in global crypto news, yet the current numbers place it among the industry’s biggest user bases.
According to the Indonesian Financial Services Authority (OJK), by February 2026, 21.07 million people had registered to use crypto, and by March, that number had gone up to 21.37 million even though the first half of the year was tough for digital assets.
Transaction volume reached 482 trillion rupiah, $26.85 billion in 2025. For comparison, Indonesia’s crypto user base now exceeds the population of several developed economies.
The market is particularly appealing because adoption had continued growing even during a bear market. This means infrastructure demand was at work and not speculation only.
Stablecoins, remittances, cross-border payments and decentralized finance products are now responsible for user growth across Southeast Asia, especially among younger consumers and underbanked populations.
This creates a more durable business opportunity than short-lived meme coin cycles, especially for exchanges .
Why Bybit Bought NOBI Instead Of Applying For A License
The acquisition was faster and cheaper than trying to get a license on their own. Indonesia now operates one of Asia’s structured crypto regulatory systems. As of April 2026, authorities had licensed 31 crypto entities, including two exchanges, two clearing institutions, two custodians and twenty-five digital asset traders.
Licenses are now seen as valuable assets because they give an exchange easier access to banking partners, payment providers, institutional clients and domestic marketing opportunities that their offshore competitors often struggle to get.
Bybit itself described this as a “regulatory-first” expansion strategy, emphasizing local compliance and cooperation with regulators instead of operating from overseas jurisdictions.
Lawrence Samantha stated that this deal brings together Bybit’s global capabilities with the local market expertise and regulatory knowledge.
Crypto oversight in Indonesia recently went from Bappebti to OJK which means digital assets are now under the umbrella of mainstream financial supervision, likely enough to attract more institutions.
Southeast Asia Is Becoming The Industry’s Growth Engine
Europe is adjusting to MiCA implementation. The United States continues debating market structure legislation. Asia is moving faster.
Indonesia, Vietnam, Thailand and the Philippines are all consistently topping the list of the world’s most active crypto markets by retail participation and on-chain activity.
A lot of exchanges now view Southeast Asia as the next big place for crypto to take off. That helps explain why so many international firms are currently opting to buy their way into the region instead of trying to set up cross-border servicing models.
Owning local operations allows exchanges to offer fiat gateways, domestic customer support and products tailored to regional demand.
The model is like what traditional banks have done for decades when entering foreign markets. Crypto exchanges are simply catching on to this idea, and realizing at the same conclusion.
The Real Competition Isn’t Between Tokens Anymore
The main battle in 2026 is going to be between a regulated platform and an unregulated one.
In the previous cycles, exchanges competed by listing more meme coins or launching higher leverage products. Today, licensing has become a differentiator.
Case in point is Bybit Indonesia launching with a staggering 500+ trading pairs – but what users care about most is probably whether they’ve got access to the local payment rails, proper regulated custody and the compliance systems that big institutions need
Bybit Indonesia launches with more than 500 trading pairs, but access to those assets may prove not quite as important as access to local payment rails, regulated custody and institutional-grade compliance systems.
With more than 21 million users already participating in digital assets, the market has moved beyond experimentation.
Conclusion
The launch of Bybit Indonesia is now mostly about adapting to crypto’s new operating environment.
Exchanges that once expanded through offshore entities are now buying licenses, local teams and regulatory relationships instead.
Indonesia’s 21 million crypto users, expanding transaction volumes and clearer regulatory framework make it one of the few markets where that strategy immediately makes sense.
Glossary
OJK: Indonesia’s Financial Services Authority responsible for supervising financial institutions and digital assets.
Crypto Custodian: An institution licensed to store and safeguard digital assets on behalf of clients.
Trading Pair: Two assets that can be exchanged against one another on a trading platform.
Regulatory-First Strategy: An expansion approach that prioritizes compliance and licensing before customer acquisition.
Fiat Gateway: Infrastructure that allows users to move funds between traditional currencies and cryptocurrencies.
Frequently Asked Questions About Bybit Indonesia
Why Did Bybit Acquire NOBI?
The acquisition allowed Bybit to enter Indonesia immediately through an already licensed local entity operating under OJK supervision.
How Many Trading Pairs Will Bybit Indonesia Launch With?
The exchange plans to begin operations with more than 500 cryptocurrency trading pairs before expanding its offerings.
How Large Is Indonesia’s Crypto Market?
Indonesia had 21.07 million crypto users in February 2026 and 21.37 million by March 2026, according to OJK data.
Who Runs Bybit Indonesia?
Former NOBI executives Lawrence Samantha and Dionisius Evan lead the platform as CEO and COO respectively.
References
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