Unlocking the Potential: Indonesia’s Crypto Transactions Soar to $1.92B in February
- Indonesia sees a surge in crypto transactions reaching IDR 30 trillion ($1.92 billion) in February as the number of registered investors in the country rises to 19 million.
-
The country’s crypto regulator attributes this growth to a positive market sentiment driven by the price surge of Bitcoin and rallies in altcoins.
In February, Indonesia’s Commodity Futures Trading Supervisory Agency (Bappebti) reported a record high in crypto transactions, reaching IDR 30 trillion and marking an increase of 170,000 registered investors from January.
According to Bappebti, this significant growth is a result of the positive market sentiments fueled by the price surge of Bitcoin (BTC) and rally in altcoins, which are tokens other than Bitcoin.
Bappebti has set a goal to surpass the transaction volume of the previous bull run in 2021, which amounted to $51.28 billion, by 2024. Tirta Karma Senjaya, a representative of Bappebti, stated that a rebound is expected in 2024, with the upcoming Bitcoin halving as a potential catalyst.
In order to reach their transaction targets, Bappebti believes that reducing or eliminating taxes on crypto transactions would be the best approach. Currently, users are taxed at 0.10% for Income Tax and 0.11% for VAT, while exchanges are taxed at 0.02% per transaction for the crypto bourse, depository, and clearing house.
At a previous event hosted by Reku exchange, Tirta stated, “I’ve previously mentioned that this industry (crypto) is still in its early stages, so imposing heavy taxes could potentially hinder its growth.”
With the transfer of crypto regulation to the Financial Services Authority (OJK) in January 2025, significant changes are expected, including a potential reclassification of crypto as securities and revisions to VAT policies.
