Indonesia is set to implement higher tax rates on cryptocurrency transactions starting August 1, under a new regulation issued by the finance ministry. The move reportedly targets both domestic and overseas crypto exchanges, aiming to increase state revenue from the nation’s booming digital asset market.

Cryptocurrencies have surged in popularity across Southeast Asia’s largest economy, where they are legally traded as commodities but strictly prohibited as a means of payment. Regulator data highlights this growth, showing the total transaction value of crypto assets more than tripled in 2024 from the previous year, reaching approximately $39.67 billion. The country also saw its crypto exchange user base expand to over 20 million in 2024, surpassing the number of investors in the traditional stock market.

According to a Reuters report, under the new regulation, sellers of crypto assets on domestic exchanges will face a 0.21% tax on transaction value, an increase from the previous 0.1%. On the other hand, sellers utilizing overseas exchanges will see their tax rate rise from 0.2% to a significant 1%.

Conversely, the new rules offer some relief to buyers: they will no longer be subject to Value Added Tax (VAT), a change from previous regulations that saw buyers pay 0.11% to 0.22% VAT.

The Indonesian finance ministry has also adjusted taxes on cryptocurrency mining activities. The VAT rate on crypto asset mining has doubled from 1.1% to 2.2%. However, a previous 0.1% special income tax rate on crypto mining has been removed, meaning such income will now be subject to either personal income tax or standard corporate tax rates, effective in 2026.

Tokocrypto, a Binance-backed crypto exchange, issued a statement welcoming the changes. The company views the updated tax framework as a reflection of Indonesia’s evolving classification of cryptocurrencies, shifting them towards being recognized as financial assets rather than solely as commodities.

Despite this acknowledgement, Tokocrypto proposed a grace period of at least one month to allow companies sufficient time to adjust to the new regulations. “We also emphasize the importance of strengthening oversight and tax enforcement on crypto asset transactions conducted through foreign platforms,” the company stated, echoing the government’s apparent intent to regulate offshore activities more stringently.

Tokocrypto further advocated for fiscal incentives to foster innovation within the domestic crypto industry, pointing out that the new crypto tax rate of 0.21% for domestic sellers remains higher than the capital gains tax rate applied to stock market investments. This disparity, they suggest, could hinder local growth if not balanced with supportive policies.

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