Indonesia Triples Crypto Transaction Volume, Introduces New Tax Regime

Indonesia’s cryptocurrency sector saw explosive growth in 2024, with the total transaction value of crypto assets tripling year-on-year to over 650 trillion rupiah ($39.67 billion), according to data from the country’s financial regulator.

The number of registered users on domestic crypto exchanges also surpassed 20 million, overtaking the number of retail investors in the nation’s stock market.

In response to the sector’s rapid expansion, Indonesia has implemented a revised tax policy aimed at better regulating the crypto economy. Under the new framework, sellers on domestic exchanges must now pay a 0.21% tax on each transaction, up from the previous 0.1%. For sellers using overseas platforms, the rate rises more sharply—from 0.2% to 1% per transaction.

On the buyer side, the government has removed the value added tax (VAT) previously charged at rates between 0.11% and 0.22%. In contrast, the VAT rate on crypto mining activities has doubled to 2.2%, while the prior 0.1% special income tax for miners has been scrapped. Beginning in 2026, income from mining will instead be subject to regular personal or corporate income tax rates.

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Tokocrypto, a leading exchange backed by Binance, voiced support for the changes, noting that they align with Indonesia’s move to reclassify crypto assets from commodities to financial instruments. However, the firm urged the government to provide at least a one-month grace period to allow businesses to comply.

Tokocrypto also stressed the importance of tightening oversight and tax enforcement on transactions executed through foreign platforms, ensuring the new rules are effective across the entire market.