Indonesia to Raise Tax Rate on Cryptocurrency Transactions Starting August 1
Indonesia to Raise Tax Rate on Cryptocurrency Transactions Starting August 1 JAKARTA, July 30 (Reuters) – Indonesia will increase taxes on cryptocurrency transactions starting August 1, with higher rates imposed on trades carried out through foreign-based crypto exchanges. This change comes under a new regulation issued by the Ministry of Finance. Cryptocurrencies have grown in popularity across Southeast Asia’s largest economy. While digital assets are legally traded in Indonesia, they are not recognized as a legal form of payment. According to the country’s financial regulator, the total crypto transaction volume in 2024 tripled compared to the previous year, reaching over 650 trillion rupiah (approximately $39.67 billion USD). The number of users trading on crypto exchanges also surpassed 20 million in 2024 — even more than the number of investors participating in Indonesia’s stock market. New Tax Rules for Crypto Traders Under the new regulation: Sellers on domestic (Indonesia...