Indonesian Crypto Asset Transactions Decrease, Here's The Response Of Industry Players

JAKARTA - The volume of crypto asset trading transactions in Indonesia has decreased over the past year. As of September 2023, the number of transactions of Indonesian crypto assets only reached IDR 94.4 trillion, from IDR 306.4 trillion last year.

Responding to this decline, the Financial Services Authority (OJK) recently revealed that high taxes were one of the causes behind the decrease in the volume of crypto asset transactions.

Robby as Chief Compliance Officer (CCO) of Reku and General Chair of Aspakrindo-ABI said business actors had projected a decline.

"As the exchange actor, we have received complaints from users regarding the tax application since one year ago. So this also encourages crypto asset investors to switch to exchange platforms abroad," Robby said in an official statement received.

According to him, what should be of common concern is that the global exchange platform that is targeted by crypto investors does not yet have a license in Indonesia.

"This can have a negative impact not only on business actors, but also on investors and the crypto ecosystem as a whole," said Robby further.

Robby continued, currently the implementation of taxes in Indonesia is quite large compared to other countries, namely the final VAT collected and paid 1 percent of the general VAT rate or 0.11 percent.

"The high burden borne by this investor has resulted in significant or feared capital outflows, transactions will no longer occur in Indonesia but globally," he said.

Business actors who are members of the Aspakrindo-ABI think it is necessary and ready to be involved to continue further discussions on taxes and the existence of illegal exchanges with other stakeholders.