Government Targets Crypto Investors to Become Tax Objects

The Indonesian government plans to make crypto money an object of tax due to the higher nominal transactions in this instrument. It is estimated that the tax that can be pocketed by the state could reach trillions of Rupiah in 2024.

Quote from CNBC Indonesia, COO of Tokocrypto Teguh Kurniawan Harmanda said that currently the imposition of taxes is being discussed by several parties and industry players, including the Commodity Futures Trading Supervisory Agency (CoFTRA).

It is stated, from the industry proposal, the proposed tax for crypto investors is a final income tax of 0,05% or less than that imposed on stock investors on the Indonesia Stock Exchange of 0,1%. "Goalhow much we don't know. But we see that the government's potential revenue from crypto asset transactions in 2024 is in the trillions," he added.

The government is eyeing the tax potential of this investment instrument because recently the daily transaction value has grown more rapidly than stocks. Last February, the value of domestic transactions translucent Rp70 trillion. Meanwhile, on the IDX the value of daily transactions in January 2021 had penetrated to the level of Rp. 20 trillion, but now since the beginning of April it has fallen at the level of Rp IDR 9 trillion range.

In order to oversee the safer trading of crypto assets, the government is preparing complete regulations on crypto asset trading. Simultaneously, the formation of a crypto asset exchange or named Digital Futures Exchange (DFX) which is targeted to operate in the second semester of this year.

Currently, there are 229 crypto assets traded on the Indonesian crypto asset physical market that are legal. Meanwhile, there are 13 crypto asset traders who have pocketed a trade registered sign from CoFTRA.