Indonesia’s Crypto Market Expands, Reaching $1.92B in Transactions in February

March 20, 2024

By Anjali Kochhar

Indonesia’s cryptocurrency regulator revealed that the country saw a spike in cryptocurrency transactions in February, with a total of Rupiah 30 trillion ($1.92 billion).

According to the Commodity Futures Trading Supervisory Agency (Bappebti), there were 19 million registered cryptocurrency investors in the nation last month, up 170,000 from January.

Bappebti credits the increase in altcoins, or tokens other than Bitcoin, and the recent spike in the price of Bitcoin (BTC) for boosting positive market sentiments.

The regulator’s goal for 2024 is still to reach or surpass the $51.28 billion in transactions from the previous bull run in 2021. Tirta Karma Senjaya of Bappebti noted that a 2024 rebound was expected, with the impending Bitcoin halving being considered as a major catalyst, considering the declining trend of 2022 and 2023.

The best strategy to increase cryptocurrency transaction targets would be to lower or eliminate cryptocurrency taxes. At the moment, users’ income tax and VAT are charged on cryptocurrency transactions at 0.10% and 0.11%, respectively, while exchanges are taxed at 0.02% per transaction for the cryptocurrency exchange, depository, and clearing house.

Significant changes may result from the transfer of cryptocurrency oversight to the Financial Services Authority (OJK) in January 2025, including the potential reclassification of cryptocurrency as securities and the revision of VAT laws.

About the author

Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.

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