Indonesia’s crypto market faces a period of change and reassessment, as evidenced by falling tax revenue and planned regulatory shifts. While Bitcoin surged in value throughout 2023, the country’s crypto tax revenue plummeted by over 60% compared to the previous year, raising concerns about the effectiveness of the current tax regime.
Dual Taxation Burdening Crypto Activity
Implemented in May 2022, Indonesia’s dual tax system on crypto transactions has encountered criticism for potentially hindering market growth. This tax structure, initially established when digital currency was classified as a commodity, is now under review by the Ministry of Finance, led by Sri Mulyani.
Stakeholders, including the Commodity Futures Trading Supervisory Agency (Bappebti) and local exchanges, have urged the government to reconsider the existing tax framework. The Head of CoFTRA’s Market Development and Development Bureau, Tirta Karma Senjaya, emphasized the need for periodic tax r
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