The outcome of the election suggests that Indonesia's cryptocurrency laws will probably stay favourable to business.

Industry observers believe that Indonesia's recent presidential election, which caused controversy when the winning candidates announced their victories ahead of official results, may guarantee consistency and possibly even the continuation of crypto-friendly laws in the nation.

As soon as voting concluded, the son of the current president, Gibran Rakabuming, and former defence minister Prabowo Subianto had taken 60% of the national vote.

Members of the cryptocurrency industry see the final results, which were announced last week, as evidence that the ruling party will continue to hold power and that Indonesia's blockchain strategy may either improve or stay the same.

Commodity Future Exchange (CFX, also known as Bursa Komoditi Nusantara), the nation's nationalised cryptocurrency bursary, asserts that the exchange's

operations are politically neutral, although Subani, its head, expressed some appreciation for Gibran. The incumbent president’s son has been known in the country as a keen supporter of crypto.

“However, it’s true that during the election period and presidential debates, Mr. Gibran specifically mentioned crypto, and we’re pleased about the attention to the crypto industry in Indonesia,” Subani said.

Subani was referring to points raised by Gibran during the presidential debates. Under President Joko Widodo’s government, Indonesia’s cryptocurrency industry has experienced mostly unencumbered growth.

The government has established regulations for the crypto sector, launched the world’s first national bourse for crypto assets, and implemented a comprehensive tax system. There are also indications that the government may approve tax cuts for crypto.

William Sutanto from INDODAX, a leading crypto exchange in Indonesia, expressed confidence in Gibran’s ability to advance blockchain and crypto, representing the younger generation.

Sutanto hopes the government will provide full support for cryptocurrency to position Indonesia as a competitive force in Southeast Asia, particularly against countries like Thailand, the Philippines, and Vietnam.

Indonesia currently leads Southeast Asia in terms of the number of registered crypto users but lags behind Thailand and Vietnam in trading volumes.

Yudhono Rawis, CEO of Tokocrypto, another prominent local exchange, believes that crypto and blockchain could stimulate the national economy and investments, emphasizing the importance of better infrastructure, education, and clear laws for the growth of Indonesia’s crypto industry