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According to Reuters, the Indonesian Ministry of Finance announced that the tax rate on cryptocurrency transactions will be increased starting August 1.
According to new regulations from the Indonesian Ministry of Finance, cryptocurrency transactions will be taxed starting August 1, and transactions made on overseas exchanges will be taxed at a higher rate.
The tax rate for sellers on domestic platforms will be increased from 0.1% to 0.21%, and for sellers on international platforms, the rate will be increased from 0.2% to 1%.
The value added tax (VAT) on Bitcoin and cryptocurrency mining will also rise from 1.1% to 2.2%.
Meanwhile, the value-added tax (VAT) previously imposed on buyers will also be abolished. Furthermore, the current 0.1% special income tax on mining will be phased out by 2026, with mining revenues subject to standard personal or corporate tax rates.
Bitcoin and cryptocurrencies are a popular investment option in Southeast Asia's largest economy, where they can be legally bought and sold but not used as payment.
According to regulatory data, the total transaction value of cryptocurrencies is expected to triple year-on-year to over 650 trillion rupees ($39.67 billion) in 2024. Crypto exchanges in the country also had over 20 million users in 2024.
Binance-backed exchange Tokocrypto said it welcomed changes reflecting Indonesia's shift from classifying cryptocurrencies as commodities to financial assets, but recommended a minimum one-month period for companies to comply.
*This is not investment advice.