The regulatory body of Indonesia, called Bappebti is implying laws towards crypto activities that are performed on regulated crypto platforms of the republic.
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There are now 13 crypto platforms registered with Bappebti.The executive of the agency Sidharta Utama informed that the tax amount hadn't been determined yet. Over the previous months, Indonesia has taken measures towards crypto industry control. In December 2020 Commodity Futures Trade Regulatory Agency recognized 229 cryptocurrencies as exchangeable commodities by law.
Later, in February, the authority approved 13 exchanges as licensed protocols.
Indonesia’s Fiscal Policy Agency BKF will work with Bappebti's internal review to manage the taxation process.Crypto Asset Traders Association (Aspakrindo) of the country suggested a tax rate of 0.5%, which is lower than the one for shares’ transaction value on the local bourse. According to Indonesian law, cryptocurrencies are allowed to be traded as a commodity but not as a payment instrument.