Indonesia’s Crypto Tax Revenue Falls 63% in 2023 Despite Bitcoin’s Surge

On the other hand, bitcoin (BTC) jumped 159% in 2023. Despite this significant market upturn, Indonesia’s crypto tax revenue experienced a downturn, paralleling a 51% decrease in the country’s crypto transaction volumes during 2023 compared to the previous year in 2022.

Why Indonesia’s Upcoming Elections Could Make or Break the Country’s Vibrant Crypto Sector

Another candidate pair is made up of presidential hopeful Ganjar Pranowo and his running mate Mahfud MD, who is a veteran politician and constitutional law expert. They haven’t talked about crypto during the campaign, but back in 2022, when non-fungible tokens (NFT) were having a moment, Ganjar, the governor of Central Java at that time, praised the creativity of NFTs.

Indonesian Crypto Exchanges Blame Dramatic Drop in Trading Volumes Partly on High Taxes

“Both stocks and crypto are tradable assets with profit potential … Thus, implementing the same tax regime for both these investment instruments would be more equitable and consistent,” Yudhono Rawis, CEO of exchange platform Tokocrypto told CoinDesk Indonesia.

Indonesian Crypto Exchanges Must Register With New Bourse or Face Shutdown

“There is a deadline for prospective crypto exchanges. If they do not register by the specified time, they will automatically be unable to operate in Indonesia,” Robby said, adding that the deadline is Aug. 17, 2024. If they want to continue operating, crypto exchanges must also obtain licenses, Robby said.