Indonesian regulators are investigating a tax on cryptocurrency transactions

The Indonesian commodity futures trading regulator (known as Bappebti) is looking into the possibility of imposing a tax on all cryptocurrency transactions that take place on the country’s regulated exchanges.

For now, 13 cryptocurrency exchanges are regulated by Bappebti, and the tax is automatically applied by these platforms when approvedAccording to a report from Phnom Penh Post.

“The introduction of the tax will be checked internally in Bappebti, and then we will coordinate with the BKF”, Bappebti chief Sidharta Utama said, adding that the actual tax rate has not yet been decided. The BKF refers to the Indonesian Fiscal Policy Agency.

Indonesian regulators are investigating a tax on cryptocurrency transactions
Indonesian regulators are investigating a tax on cryptocurrency transactions

Regulatory activity in Indonesia has increased over the past six months as the popularity of Bitcoin (BTC) and the crypto market rose to new highs. In December 2020 Bappebti issued a regulation in which 229 cryptocurrencies were recognized as legally negotiable products.while the door remains open for traders to propose adding new currencies to the list. In February, The agency identified 13 trading platforms that it recognized as authorized entities.

Indonesia originally warned against the use of cryptocurrencies as a means of payment in 2014 and introduced laws in 2017 that required fintech companies to register with the Bank of Indonesia to ensure they were not using cryptocurrencies. in payment systems.

The President of the Indonesian Crypto Asset Traders Association, Teguh Kurniawan said the group he represents proposed a tax rate of 0.05%and added A high tax rate could lead people to look for illegal channels when buying cryptocurrencies.

“So far there has been no comment on the tax rate. We hope that it is not too high, [o] We fear that investors could invest in crypto [activos] through illegal channels that would be harmful “, Said Kurniawan.

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