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Indonesia Could Apply Taxes for Crypto Trades

The SE Asian country of Indonesia is taking into consideration taxing crypto trading as a result of increased popularity among local investors.

A spokesman for Indonesia’s tax office, Neilmaldrin Noor, commented that such a conversation is only in the opening stages, adding: “It is important to know that… if there is a profit or capital gain generated from a transaction, the profit is an object of income tax. So the taxpayer who receives capital gain has to pay the tax and report it.”

Indonesia is currently the largest economy in Southeast Asia, and while it has banned using crypto as a method of payment, it still allows digital assets to be traded as a commodity.

The largest crypto exchange platform in the country, Indodax, revealed that by April, the total number of active users on its platform had reached three million, growing from 2.3 million, which is the number it had at the beginning of the year. This had mostly to do with the fact that Bitcoin and other cryptocurrencies have reached new price records.

Many cryptocurrencies have experienced a rally in recent weeks, with Ether reaching a new ATH and Dogecoin growing by 700%.

Indonesia’s Financial Services Authority issued a warning for investors in which it advised against investing in crypto as a result of its volatility, saying that crypto doesn’t have an underlying value.

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