Indonesia demonstrates significant growth in crypto tax revenue due to the implementation of tax policies. However, fluctuations in the crypto market continue to impact these revenues.
Growth of Tax Revenue in Indonesia
According to the recent report from Indonesia's tax authority, revenue from crypto taxes increased from IDR 24.6 billion in 2022 to IDR 62 billion in 2024, highlighting the effectiveness of the tax policy introduced in May 2022. It imposes a 0.1% income tax and a 0.11% VAT on crypto transactions.
Impact of Market Volatility
However, a dip to IDR 22 billion in 2023 coincided with a 51% drop in transaction volumes. This situation underscores the volatility of the crypto market. As of 2025, revenues reached IDR 11.5 billion, aligning with officials’ warnings that tax income remains closely tied to fluctuating market conditions.
Future Tax Changes
As of August 1, 2025, a new hike in tax rates comes into effect, whereby sellers on domestic exchanges face a 0.21% tax (up from 0.1%), while overseas trades incur a 1% rate (up from 0.2%). This change, set against a backdrop of significant growth in crypto transaction values, which soared to $39.67 billion in 2024, positions Indonesia at a crossroads between innovation and revenue generation.
Indonesia's tax policy regarding cryptocurrencies showcases both resilience and susceptibility to market changes. Balancing innovation with revenue generation will be key for the sector's future.
