Indonesian Crypto Tax: OJK Prepares New Rules for Crypto Transactions
2024-08-16
Bittime - The Financial Services Authority (OJK) is planning a new tax for crypto transactions in Indonesia. This is part of the transfer of crypto supervision from Bappebti to OJK, which is targeted for completion in early 2025.
Crypto Tax in Indonesia will Change
Hasan Fawzi, Chief Executive of the OJK Financial Sector Technology Innovation, Digital Financial Assets and Crypto Assets Supervision, stated that the OJK will work together with the Ministry of Finance to regulate this tax.
With this change in crypto tax rules, crypto assets will be categorized as digital financial assets, no longer as commodities.
Current Crypto Tax Regulations in Indonesia
Currently, crypto transactions are subject to Value Added Tax (VAT) of 0.11 percent if carried out on platforms registered with Bappebti. If done on an unregistered platform, VAT increases to 0.22 percent.
Apart from that, there is also Income Tax (PPh) of 0.1 percent for registered platforms and 0.2 percent for unregistered ones.
Read Also: South Korea Considers Delaying Crypto Tax Until 2028
Crypto Tax Reduction Plan
Tirta Karma Senjaya from Bappebti stated that they plan to propose a reduction in crypto tax rates. It is hoped that this reduction will ease the burden on crypto market players and encourage the development of the crypto industry in Indonesia.
Crypto Contribution To Taxes
The Ministry of Finance noted that the crypto industry contributed Rp798 billion in taxes from the digital economy sector until June 2024. This figure shows the importance of the crypto sector in Indonesia's digital economy.
Therefore, it is hoped that this new regulation will not only focus on taxes, but also on the potential of crypto in supporting Indonesia's digital economy.
OJK is expected to make regulations that are in accordance with the development of the crypto industry, and are not too strict because they could hinder innovation and growth of the crypto industry in Indonesia.
Read Also: GM Tokens Apply Transaction Tax on Purchases and Sales!
How to Buy Crypto with Bittime
You can buy and sell crypto assets in an easy and safe way through Bittime. over is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
To be able to buy crypto assets on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
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