Indonesia’s Commodities Regulator Requests Finance Ministry to Review Crypto Tax

[sirty143]

Indonesia’s Commodities Regulator Requests Finance Ministry to Review Crypto Taxes

The Indonesian Finance Ministry has been called upon to assess the implementation of cryptocurrency taxes by the nation’s Commodity Futures Trading Supervisory Agency. In the past few months, Indonesia’s revenue from crypto... See more for yourself here.

Your opinion is greatly appreciated.

[Aanuoluwatofunmi]

Once it comes to tax, this aspect is part of the most interesting aspect that the government like to be getting involved with because they know its something that is going to pull earnings to their central accounts even though they have nothing to offer in regulating the sector, but the earnings alone is what they are referring to that will be their own way of regulation on cryptocurrency entity or else they threat them.

[yhiaali3]

The nice thing about the news is that the cryptocurrency industry generates more revenue than fintech companies as according to the report it is "estimated that Indonesia has raised approximately $2.5 million from cryptocurrency-related activities. This amount significantly exceeds the $2.03 million raised from fintech companies". This is really exciting.

These statistics indicate the government's good handling of cryptocurrencies, as it allows them to operate and collect taxes instead of banning them and losing these additional resources to the government treasury.

[arabspaceship123]

Govts want crypto legalised & taxed so if they're getting it they've achieved their controlling objectives on crypto. If they're offering commodities it's going to make them get more tax. Indonesia's the 4th largest population country with 280M ppl living there.  If they're discussing commodities it's a step we're happy to see because it's going to help bring crypto finance to every day ppl.

[TomPluz]

These statistics indicate the government's good handling of cryptocurrencies, as it allows them to operate and collect taxes instead of banning them and losing these additional resources to the government treasury.

As one of the many enthusiasts in the cryptocurrency industry, we always welcome countries that are open to us, not unlike what China had done which was banning the whole thing without exemption. of course, the little downside is that the government will be collecting their own small share of the whole action...as what we are seeing now in Indonesia. I am assuming that in return for collecting taxes, crypto-related platforms can operate openly according to the laws and regulations of the land. Indonesia has imposed a value-added tax of 0.11% on every cryptocurrency transaction conducted on registered platforms...and I think this is not really bad. With a big crypto market in Indonesia, I am predicting that the government will be encouraging more players and can even be a major country in the world and market of cryptocurrency. Definitely a huge win-win since the government can be making good amount of money via taxes imposed on every transaction and for crypto platforms they gonna fish on a viable market with no one watching them too close but just from afar.