Indonesia’s Crypto Tax Overhaul May Impact Bitcoin Trading and Offshore Activity
Main Idea
Indonesia's crypto tax overhaul increases offshore crypto sales tax from 0.2% to 1%, raises local transaction fees, and doubles mining levies, aiming to regulate its $39.67 billion market while simplifying local investor onboarding.
Key Points
1. New tax rules raise offshore platform levies from 0.2% to 1%, effective August 1, 2024.
2. Local exchanges will see transaction fees rise from 0.1% to 0.21%, while mining levies double to 2.2%.
3. The overhaul removes the value-added tax (VAT) for crypto buyers, lowering some activity offshore.
4. Indonesia’s Financial Services Authority (OJK) has reclassified digital assets as financial instruments to enhance investor protection.
5. Despite Bitcoin’s 159% surge in 2023, crypto tax revenue dropped 63% due to declining transaction volumes and increased offshore trading.
Description
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