Indonesia’s crypto tax revenue surges to $36.4m ahead of 0.1% to 0.8% raise

Indonesia’s burgeoning crypto market continues to demonstrate its financial potential, with annual tax revenues now peaking at $36.40 million. In light of this growth, the government is poised to increase the tax rate on cryptocurrency transactions this month.

As reported by local media outlet Tirto, Indonesia’s Directorate General of Taxes revealed that the cryptocurrency tax revenue has achieved a remarkable annual figure ranging between Rp500 billion ($31.25 million) and Rp600 billion ($36.40 million). This represents a significant increase since the nation commenced its tax collection efforts on crypto revenues in 2022, when revenues totaled merely $15 billion in one year. While there was a slight dip in tax revenues the following year, 2024 marked a resurgence, with figures soaring to $37.98 billion.

This surge in tax income correlates with a dramatic rise in the total value of crypto transactions annually, which tripled to an impressive $650 trillion in 2024.

An increase in crypto adoption can also be observed through the growing user base, which has exceeded 20 million individuals—representing approximately 7% of Indonesia’s population. In comparison, when crypto tax collection was initiated in 2022, the number of crypto traders stood at 11.2 million.

Over the past three years, the number of crypto traders in Indonesia has nearly doubled. This momentum reflects the expansion of the crypto industry within the country, supported by the emergence of local crypto exchanges such as Indodax, Tokocrypto, Pintu, and others.

Indonesia Implements Increased Crypto Tax Rate

Today marks a pivotal moment as Indonesia’s government officially raises its crypto transaction tax, following a new regulation from the Ministry of Finance that takes effect in August. Effective immediately, crypto assets traded through domestic exchanges will incur a tax of 0.21% on transaction values.

This new rate is an increase from the previous tax of 0.11% on crypto transactions.

For overseas crypto exchanges, the tax implications are even more substantial. These exchanges, previously subject to an additional 0.2% tax on transactions made by Indonesian users, will now face a commanding 1% tax—an increase of 0.8% kicking in this month.

In a positive development for crypto buyers, the new regulation removes the value-added tax (VAT) which was assessed previously at rates ranging from 0.11% to 0.22%. This adjustment is a strategic move to promote a more favorable trading environment for individuals engaging in cryptocurrency transactions.