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Indonesia witnessed a substantial surge in cryptocurrency transactions, hitting a record of Indonesian Rupiah 30 trillion ($1.92 billion) in February, as reported by the Commodity Futures Trading Supervisory Agency (Bappebti). The number of registered crypto investors also spiked to 19 million, with a notable increase of 170,000 users from January. Bappebti attributed this growth to the bullish market sentiments driven by Bitcoin’s price surge and the rally in alternative tokens.
Despite the downturn in 2022 and 2023, Bappebti aims to surpass the transaction volume of $51.28 billion from the last bull run in 2021 by 2024, with the anticipation of a rebound, especially with the upcoming Bitcoin halving. However, challenges persist, notably regarding taxation. Crypto transactions are currently subject to various taxes, with concerns that heavy taxation might stifle industry growth. With the transfer of crypto oversight to the Financial Services Authority (OJK) in January 2025, significant regulatory changes are expected, potentially impacting crypto’s classification and VAT policies.
