Crypto Tax 

The Ministry of Finance (Kemenkeu) announced starting January 1 2025, Value Added Tax rate will increase from 11% to 12%. What impact will it have on crypto?

VAT Policy Becomes 12%: How Much Impact Will It Have on the Crypto Market in Indonesia?

VAT Policy Becomes 12% How Much Impact Will It Have on the Crypto Market in Indonesia.webp

thumbnail_VAT Policy Becomes 12% How Much Impact Will It Have on the Crypto Market in Indonesia.webp

OJK is preparing new crypto tax rules for crypto transactions in Indonesia. Read this article to find out more!

OJK Prepares New Rules of Indonesian Crypto Tax:

<img src="https://static.bittime.com/cms-static/upload/Indonesian_Crypto_Tax_c6abf549dc.webp" alt="Indonesian Crypto Tax" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com?content_id=news&amp;cn=400001">Bittime</a> -&nbsp;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 <meta charset="utf-8">Bappebti to OJK, which is targeted for completion in early 2025.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_2_988b13eca2.webp" alt="Banner 2" width="1999" height="415"></a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">Crypto Tax in Indonesia will Change</h2>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.&nbsp;With this change in crypto tax rules, crypto assets will be categorized as digital financial assets, no longer as commodities.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/staking?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/banner_staking_coin_8abe277d88.webp" alt="banner staking coin.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">Current Crypto Tax Regulations in Indonesia</h2>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.&nbsp;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:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/en/blog/pajak-kripto-korea-selatan">South Korea Considers Delaying Crypto Tax Until 2028</a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">Crypto Tax Reduction Plan</h2>Tirta Karma Senjaya from <meta charset="utf-8">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.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/Banner_Blog_7d687b658d.webp" alt="Banner Blog.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">Crypto Contribution To Taxes</h2>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:&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/blog/token-gm-berlakukan-pajak-transaksi">GM Tokens Apply Transaction Tax on Purchases and Sales!</a>&nbsp;&nbsp;<h2 style="line-height:1.38;margin-bottom:12pt;margin-top:12pt;text-align:justify;" dir="ltr">How to Buy Crypto with Bittime</h2><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy?content_id=news&amp;cn=400001"><img src="https://static.bittime.com/cms-static/upload/banner_cara_beli_ab926002c1.webp" alt="cara beli crypto di bittime" width="2985" height="620"></a>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.&nbsp;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.&nbsp;Monitor graphic movement<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">&nbsp;</a>price&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?content_id=news&amp;cn=400001">Bitcoin (BTC)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/ETH?content_id=news&amp;cn=400001"> Ethereum (ETH)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/SOL?content_id=news&amp;cn=400001"> Solana (SOL)</a>&nbsp;and other cryptos to find out today's crypto market trends in real-time on Bittime.

thumbnail_Indonesian Crypto Tax.webp

Indonesian Crypto Tax.webp

Indonesian Crypto Tax: OJK Prepares New Rules for Crypto Transactions

South Korea's Ministry of Finance is considering postponing crypto taxes until 2028. Read this article to the end to find out more!

South Korea Crypto Tax

<img src="https://static.bittime.com/cms-static/upload/South_Korea_Crypto_Tax_5c6f3cebee.webp" alt="South Korea Crypto Tax" width="2048" height="1152"><a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/?cn=400001">Bittime</a> -&nbsp;The South Korean Ministry of Finance is currently considering delaying taxes on income from cryptocurrency investments until January 1, 2028. Read this article to the end to find out more!<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/register?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Lucky_Draw_Bittime_beb1f19718.webp" alt="Lucky Draw Bittime.webp" width="746" height="155"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">History of Crypto Tax Delays</h2>Taxes on capital gains from cryptocurrencies were initially scheduled to take effect in October 2021 after legislation related to these taxes was passed by the National Assembly during President Moon Jae-in's administration.&nbsp;However, the implementation of this tax has been postponed twice. First, a delay until January 2023 is being considered due to the schedule for the following year's presidential election. Second, the implementation of the tax was postponed again until January 2025 under President Yoon Seok-yeol's administration due to concerns about the burden on crypto investors and confusion in the market.If this postponement plan is approved, then taxes on cryptocurrency income will be postponed for more than 6 years in three stages. Some parties criticize that tax policy is too influenced by the public opinion of taxpayers.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/staking?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Staking_Meme_Coin_ff752494f6.webp" alt="Staking Meme Coin.webp" width="2985" height="620"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">Impact of Crypto Taxes on Markets and Investors</h2>Data released by the Financial Services Commission last May showed that the number of domestic crypto investors in South Korea reached 6.45 million at the end of last year.&nbsp;Among them, people in their 30s and 40s dominate, accounting for 1.89 million and 1.86 million respectively, representing more than half of the total investors. This explains why the political world is paying close attention to crypto investors.A crypto player claimed that the daily trading volume of cryptocurrencies on domestic exchanges, which was in the range of 20 trillion won in March, has recently plummeted to the range of 2 trillion won. If the cryptocurrency income tax is implemented early next year, most investors will leave and reduce trading further.<a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/airdrop/Hamster_Kombat?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Airdrop_Hamster_Kombat_Bittime_35b4153445.webp" alt="Airdrop Hamster Kombat Bittime.webp" width="1600" height="332"></a><h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">Challenges in Implementing Crypto Taxes</h2>There is criticism that implementing comprehensive taxes is realistically difficult due to a lack of systems and institutional preparation. An official said that secondary legislation is needed to classify cryptocurrencies and define the types of businesses in the industry in detail so that taxes can be levied without difficulty.However, many argue that claims about a lack of preparation are unacceptable. Criticism from political circles stated that they had already postponed implementation twice, and had 3 years to prepare. Therefore, claiming a lack of preparation to postpone taxes once again means the government is not doing the things it has prepared.<h2 style="line-height:1.38;margin-bottom:6pt;margin-top:14pt;text-align:justify;" dir="ltr">Crypto Tax Likely Not to Be Implemented?</h2>There are concerns that delaying the cryptocurrency tax due to public opinion and market conditions could mean that the tax will never be implemented. If postponed for 3 years, taxes will start in January 2028.&nbsp;However, general elections would be held in April that year. It is possible to defer cryptocurrency taxes. This is why some argue that early next year, when there is still time until the nearest major election (election area 2026), is the right time to implement it.<h2 style="line-height:1.38;margin-bottom:6pt;margin-top:18pt;text-align:justify;" dir="ltr">How to Buy Crypto with Bittime</h2><a target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/how-to-buy?cn=400001"><img src="https://static.bittime.com/cms-static/upload/Cara_Beli_Crypto_di_Bittime_5d56928673.webp" alt="Cara Beli Crypto di Bittime.webp" width="776" height="273"></a>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.&nbsp;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.&nbsp;Monitor graphic movement<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">&nbsp;</a>price&nbsp;<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/BTC?cn=400001">Bitcoin (BTC)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/ETH?cn=400001">&nbsp;Ethereum (ETH)</a>,<a style="text-decoration:none;" target="_blank" rel="noopener noreferrer" href="https://www.bittime.com/price/SOL?cn=400001">&nbsp;Solana (SOL)</a>&nbsp;and other cryptos to find out today's crypto market trends in real-time on Bittime.