Additionally, 19 million individuals became registered crypto investors in the nation last month.
According to the Commodity Futures Trading Supervisory Agency (Bappebti), the number of registered crypto investors in the nation reached 19 million last month, an increase of 170,000 individuals since January.
Bappebti says that the upward trend in cryptocurrency prices and general upbeat market attitude are to blame for this expansion.
The goal of the regulator is to achieve or surpass the $51.28 billion in transaction volume from the previous bull run in 2021 in 2024. After a downturn in 2022 and 2023, Tirta Karma Senjaya of Bappebti predicted a resurgence in 2024, with the impending bitcoin halving serving as a major motivator.
The elimination or reduction of crypto taxes would be the ideal strategy to encourage cryptocurrency transactions. There is now a 0.10% income tax and a 0.11% value-added tax on consumers’ cryptocurrency transactions, with an additional 0.02% transaction fee for crypto markets, depository, and clearing houses.
“I’ve already mentioned that this business (crypto) is still in its embryonic stage, so applying excessive taxes would destroy the sector,” Tirta remarked earlier at a Reku exchange event.
Changes, including reclassifying cryptocurrencies as securities and updating VAT laws, are possible outcomes of January 2025, when the Financial Services Authority (OJK) takes over crypto regulation.
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