Indonesia will increase taxes on cryptocurrency transactions starting August 1, with significantly higher rates for transactions on foreign platforms, according to Reuters.
Under the new rules, sellers using domestic platforms will see their tax rate double from 0.1% to 0.21%. Meanwhile, those using foreign platforms will face a sharp increase from 0.2% to 1%.
However, buyers will benefit from the elimination of value-added tax (VAT), which previously ranged from 0.11% to 0.22%.
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Crypto miners will also be affected, as VAT on mining operations will double to 2.2%.
In addition, the 0.1% tax on mining will expire in 2026, meaning that mining profits will then be taxed at standard rates for individuals or legal entities.