Indonesia Boosts Crypto Tax Rates Starting August 1st

Key Points

1. Tax rates for sellers on domestic exchanges will rise from 0.1% to 0.21%, and for foreign exchange sellers, from 0.2% to 1%.

2. Buyers will no longer face VAT, which previously ranged from 0.11% to 0.22%.

3. Cryptocurrency mining VAT will increase from 1.1% to 2.2%, and a 0.1% special income tax will be introduced.

4. The new regulations aim to adjust the tax structure for crypto transactions in Indonesia.

5. OSL, a Hong Kong-based firm, acquired 90% of an Indonesian crypto exchange for $15 million, highlighting market interest despite tax changes.