According to the country’s regulatory authority, Bappebti, the cryptocurrencycurrency market in Indonesia experienced a considerable increase in February, with transactions totaling IDR 30 trillion ($1.92 billion) and 19 million registered investors.
The growth in alternative token values, as well as the increase in Bitcoin prices, are credited with boosting the market’s optimism.
By 2024, Bappebti wants to have exceeded the $51.28 billion transaction volume of the 2021 bull market. Tirta Karma Senjaya of Bappebti believes that the impending Bitcoin halving will play a critical role in the projected comeback in 2024.
Bappebti suggests modifying the current tax structure, which collects a 0.02% tax on exchanges per transaction in addition to 0.10% income tax and 0.11% VAT on users, in order to reach transaction targets. Tirta spoke at a Reku exchange event about the potential effect that high taxes could have on the emerging cryptocurrencycurrency industry.
Furthermore, important regulatory changes may arise from the forthcoming transfer of bitcoin regulation to the Financial Services Authority (OJK) in January 2025, such as reevaluating VAT laws and classifying cryptocurrencycurrencies as securities.
