Throughout 2025, the crypto asset industry experienced a series of major developments both globally and in Indonesia. Extreme price movements, regulatory shifts, and the growing involvement of large institutions collectively shaped a new trajectory for the sector.

Below are seven of the most significant crypto-related events of 2025 and their broader impact on the industry.

Transfer of Crypto Oversight from Bappebti to OJK

On July 30, 2025, regulatory oversight of crypto assets in Indonesia officially shifted from Bappebti to the Financial Services Authority (OJK). This transition was formalized through the signing of an addendum to the official handover document, completing the transfer of supervision over digital financial assets, including cryptocurrencies.

The process had begun earlier on January 10, 2025, in accordance with the Financial Sector Development and Strengthening Law (UU P2SK). Following the transition, crypto assets are no longer classified as commodities but are recognized as financial instruments. This legal status was reinforced by OJK Regulation No. 23 of 2025, amending POJK 27 of 2024, which governs the trading of Digital Financial Assets and their derivatives.

Bitcoin Reaches All-Time Highs Three Times

On January 20, 2025, Bitcoin set a new record by approaching the US$110,000 level. This milestone came just weeks after Bitcoin surpassed the psychological US$100,000 threshold at the end of 2024, marking the beginning of sustained six-figure valuations. Bitcoin’s market capitalization also exceeded US$2 trillion.

The rally continued throughout the year. Bitcoin reached another record at US$123,000 in July 2025 before hitting its all-time high of around US$126,000 in October 2025. This surge was driven by rising institutional demand, particularly through spot Bitcoin ETFs, alongside favorable global macroeconomic conditions for risk assets.

Bybit Hack Becomes the Largest in Crypto History

On February 21, 2025, crypto exchange Bybit confirmed a massive security breach resulting in the theft of approximately US$1.5 billion in digital assets. The incident was recorded as the largest hack ever in the history of the crypto industry.

Investigations revealed that the attack was carried out by the Lazarus Group, a hacking organization linked to North Korea. The group exploited vulnerabilities in Bybit’s multisignature wallet system to siphon off funds.

Institutional Adoption Accelerates

Throughout 2025, traditional financial institutions significantly expanded their involvement in crypto. Major players such as JPMorgan, Fidelity, Citigroup, Morgan Stanley, Mastercard, and Visa began offering or scaling up crypto-related services, including custody solutions and digital asset trading.

On the corporate and treasury side, companies like Strategy, Metaplanet, and BitMine increased their Bitcoin exposure on balance sheets. This trend reflects a shift in perception, with crypto increasingly viewed as a strategic financial asset rather than purely speculative.

Stablecoin Legislation Passed in the United States

On July 18, 2025, the President of the United States signed the Guiding and Ensuring National Uniformity in Stablecoins Act (GENIUS Act) into law. This legislation represents the first comprehensive federal framework specifically governing stablecoins in the U.S.

The GENIUS Act requires payment stablecoin issuers to maintain 100% reserves in liquid assets such as U.S. dollars or short-term government bonds, along with regular reserve transparency disclosures. It also prohibits claims that stablecoins are government-backed. The law provides legal clarity and consumer protection in the world’s largest stablecoin market.

Wave of Spot Crypto ETF Approvals

On September 17, 2025, the U.S. Securities and Exchange Commission (SEC) approved rule changes allowing stock exchanges to apply generic listing standards for spot crypto ETFs. This reform reduced ETF approval timelines to a maximum of 75 days, significantly faster than previous processes.

The decision paved the way for the launch of various spot crypto ETFs, including Bitcoin and Ethereum, as well as products tied to assets such as Solana, XRP, and even Dogecoin. Easier and regulated access broadened participation from both retail and institutional investors.

Integration of Crypto and Artificial Intelligence

Throughout 2025, the convergence between crypto and artificial intelligence became increasingly evident. Blockchain technology began addressing AI-related challenges such as digital identity, data licensing, and payment systems for AI agents. Decentralized identity projects like World verified over 17 million users globally as proof of human uniqueness.

Meanwhile, protocol standards such as x402 emerged as micro-payment infrastructure for autonomous AI agents. Gartner estimates that the AI agent-based economy could reach US$30 trillion by 2030, with crypto positioned as its financial backbone. Although some talent temporarily shifted from crypto to AI, the inflow of developers from traditional finance and technology sectors helped sustain crypto ecosystem growth.

Overall, 2025 reinforced the notion that the crypto industry is steadily moving closer to the mainstream. Clearer regulations, expanding institutional adoption, and integration with strategic technologies like AI are laying a new foundation for the future of digital assets.