Indonesia contemplating changes in crypto taxes?

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Indonesia’s Commodity Futures Trading Regulatory Agency has reportedly asked the government to reconsider its take on cryptocurrency taxation owing to its significant role played in Indonesia’s economic development. Currently, crypto is considered to be a commodity in the nation and the digital assets are taxed at 0.11% VAT on each crypto transaction and a 0.1% income tax on capital gains. The total government revenue from crypto taxes in Indonesia was approximately $2.49 million in January. But all this is likely to change when crypto oversight switches over to the country’s broader financial services regulator OJK in 2025.