Executives at Indonesia's commodity futures trading regulator, also known as Bappebti, specifically requested a reassessment of the government's 0.11% VAT on each Crypto Assets transaction, as well as a 0.1% income tax, according to local media reports. Tirta Karma Senjaya, Director General of the Bappebti Market Development Bureau, explained that the reason behind this is that Crypto Assets are expected to become an integral part of Indonesia's overall economy in the near future.
The report further states that in January 2024, the total government revenue from Indonesia's Crypto Assets tax reached $2.49 million. Although these crypto taxes have been in effect in Indonesia for almost two years, Senjaya said they should be reviewed annually like other tax laws. "The assessment is necessary because this provision has been in place for a year Long," the report states. Usually, taxes are assessed every year. In addition, the number of Crypto Assets holders increased by more than 11%, from 11.2 million in 2021 to 12.4 million.