Mithat Can Kartlaşmış 
Indonesia ‘s crypto market showed a significant increase along with the transactions taking place in February. The number of registered crypto investors in the country also reached 19 million users last month. The rise of crypto investors to 19 million in February was a remarkable development. The country’s crypto regulator attributes this growth to Bitcoin’s price increase and altcoin increases triggering positive market sentiment.
According to the data of Indonesia’s crypto regulator, the country experienced an increase of 30 trillion Indonesian Rupiah (1.92 billion dollars) in crypto transactions in February. Commodity Futures Trading Supervisory Agency (Bappebti) reported that the number of registered crypto investors in the country rose to 19 million last month and that 170,000 users were added since January. These data shows that the growth in Indonesia’s crypto market is ongoing.
Bappebti attributes the growth in the crypto market in Indonesia to the increase in the price of Bitcoin (BTC) and the positive market sentiment triggered by the rise in other altcoins.
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The regulatory body still aims to reach or exceed the transaction volume of 51.28 billion dollars in 2021. Tirta Karma Senjaya from Bappebti stated that they expect a recovery in 2024, taking into account the downward trend in 2022 and 2023. The upcoming Bitcoin halving is expected to be a significant catalyst.
The best way to reach the crypto transaction target may be to remove or reduce taxes on crypto. Currently, crypto transactions are taxed with a 0.10% Income Tax and a 0.11% VAT on users. Exchanges are taxed at a rate of 0.02% per transaction for the crypto exchange, warehouse, and swap room.
Tirta previously at a Reku exchange event;
He had stated that “this industry (cryptocurrency) is still in its embryonic stage and therefore heavy taxes could kill the sector.”
The transfer of crypto supervision to the Financial Services Authority (OJK) in January 2025 could potentially lead to significant changes such as the reclassification of cryptocurrencies as securities and a revision of VAT policies.
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