Cryptocurrency trading in Indonesia has soared, reaching Indonesian rupiah ($1.92 billion) in February, the country's crypto regulator reported.
The number of registered crypto investors in the country reached 19 million last month, an increase of 170,000 users since January, according to the Commodity Futures Trading Supervisory Authority (Bapebuti).
Bapebuti attribute This growth has led to positive market sentiment fueled by a surge in Bitcoin (BTC) prices and a rise in altcoins, which are non-Bitcoin tokens.
Regulators are aiming for 2024 to match or exceed the trading volume of the last bull market in 2021 ($51.28 billion). Bapebuti's Tirtha Karma Senjaya emphasized that given the downward trend in 2022 and 2023, a recovery is expected in 2024. The upcoming Bitcoin halving is thought to be an important trigger.
The best way to achieve your crypto trading goals is to eliminate or reduce taxes on cryptocurrencies. Currently, cryptocurrency transactions are subject to 0.10% income tax and 0.11% value added tax for users, and exchanges are subject to a 0.02% tax per transaction. Cryptocurrency exchanges, depositories and clearinghouses.
“I have previously said that this industry (cryptocurrency) is still in its infancy, so imposing heavy taxes could kill the industry,” Tirta previously said at a Lek networking event.
The transfer of crypto supervisory authority to the Financial Services Authority (OJK) in January 2025 could result in significant changes, including the reclassification of cryptocurrencies as securities and revised VAT policies. .
