Crypto News This Week: Kekius Maximus Token, Extradition of Do Kwon to US, 12% VAT, Swiss Bitcoin, OJK Regulates Crypto

Bittime - In the past week, the crypto world has been marked by various major events, starting from the spike and fall in the price of the Kekius Maximus meme coin due to the influence of Elon Musk, to the extradition of Do Kwon to the US to undergo trial regarding the collapse of two tokens, TerraUSD and LUNA. 

Meanwhile, crypto news in Indonesia is more about adjusting VAT rates for crypto transactions and OJK's plans to take over Bappebti's role in supervising digital assets. 

Then in Switzerland, it reportedly plans to include Bitcoin in its monetary reserves. The following is a recap of this week's crypto news that you need to know so you don't get caught up:

1. Kekius Maximus: Drastic Rise and Fall

The meme coin Kekius Maximus (KEKIUS) experienced sharp volatility after Elon Musk changed the name of his 

However, after Musk returned to his original name, there was a massive sell-off by large investors (whales), causing the price of KEKIUS to plummet more than 60% in a few hours. 

One trader reportedly made a profit of around $2.86 million (Rp. 46,332 billion) from KEKIUS trading in 18 days, capitalizing on the momentum. 

2. Do Kwon Extradited to US and Facing Charges

Terraform Labs founder, developer of the collapsed Terra LUNA, Do Kwon, was extradited from Montenegro to the United States and had his first trial in Manhattan federal court on January 2, 2025. 

Kwon pleaded not guilty to nine charges, including securities fraud, electronic fraud, commodities fraud and money laundering conspiracy. This case is related to the collapse of TerraUSD and Luna in May 2022, which caused investor losses of up to $40 billion (Rp. 648 trillion). 

3. Adjustment of VAT Rates for Crypto Transactions in Indonesia

Starting January 1 2025, several local crypto exchanges in Indonesia will adjust Value Added Tax (VAT) rates according to the latest Minister of Finance Regulation (PMK). 

Crypto asset transactions via exchanges registered with the Commodity Futures Trading Supervisory Agency (Bappebti) are now subject to a VAT rate of 0.12% of the transaction value, an increase from the previous 0.11%. 

A number of crypto exchanges in Indonesia have implemented this new rate as a form of compliance with regulations.

4. Switzerland Considers Bitcoin as a Monetary Reserve

The initiative to amend the Swiss Federal Constitution to include Bitcoin as part of the monetary reserves of the Swiss National Bank (SNB) is back in motion. 

Initiated by the non-profit 2B4CH, the proposal requires collecting 100,000 public signatures by June 30, 2026. If successful, the SNB will be required to hold Bitcoin on its balance sheet, marking a significant step in crypto adoption at the country level.

5. OJK Ready to Take Over Crypto Supervision from Bappebti

The Indonesian Financial Services Authority (OJK) ensures that the transition to supervision and regulation of crypto asset trading from Bappebti will run according to target. 

Starting January 10 2025, OJK will officially take over this supervision, with all necessary regulations having been issued and awaiting the promulgation of the relevant Government Regulation (PP). 

This transition effort from Bappebti to OJK in supervising crypto is expected to have a positive impact on the crypto industry in Indonesia.

FAQ 

What's the crypto news this week?

Crypto news this week includes the surge and decline in the price of the Kekius Maximus meme coin due to the influence of Elon Musk, the extradition of Do Kwon to the US to face charges related to the TerraUSD and Luna cases. 

Then there was an adjustment to the 12% VAT rate for crypto asset transactions in Indonesia, Switzerland's efforts to include Bitcoin in the national monetary reserve, as well as preparations for the OJK to take over supervision of crypto assets from CoFTRA.

Does 12% VAT have an impact on crypto trading in RI?

The 12% VAT rate effective January 1, 2025 affects crypto transactions in Indonesia. A number of crypto exchanges in Indonesia have begun to adjust rates to 0.12% of the transaction value. 

Even though there are tariff adjustments, stricter supervision from the OJK is expected to increase transparency and trust in crypto trading in Indonesia.

How to Buy Crypto on Bittime

Want to trade sell buy Bitcoins and crypto investment easily? Bittime is here to help! As an Indonesian crypto exchange officially registered with Bappebti, Bittime ensures every transaction is safe and fast.

Start with registration and identity verification, then make a minimum deposit of IDR 10,000. After that, you can immediately buy your favorite digital assets!

Check the exchange rate BTC to IDR, ETH to IDR, SOL to IDR and other crypto assets to find out today's crypto market trends in real-time on Bittime.

Also, visit the Bittime Blog for interesting updates and educational information about the crypto world. Find reliable articles about Web3, blockchain technology, and digital asset investment tips designed to enrich your crypto knowledge.

Reference

CoinSpeaker, Kekius Maximus, 4 January 2025.
Department of Justice, Do Kwon Extradited to the United States from Montenegro, 4 January 2025.
Swiss Info, Campaigners want Swiss Central Bank to hold Bitcoin in Reserve, 4 January 2025.

Coverage6, OJK Takes Over Crypto Supervision, January 4, 2025

Coinvestasi, Crypto VAT on Local Exchanges Increases, January 4, 2025