Wait For Crypto Asset Transfer, OJK Calls Crypto Tax Imposition Still In Discussion

JAKARTA - The process of transitioning the supervision of crypto assets from the Commodity Futures Trading Supervisory Agency (CoFTRA) to the Financial Services Authority (OJK) is still ongoing. One of the focuses on the transition, namely the provisions regarding crypto taxes.

For information, the government recorded that until July 31, 2024, receipts from crypto taxes reached IDR 838.56 billion.

Chief Executive of the Financial Sector Technology Innovation Supervision, Financial Assets and OJK Crypto Assets Hasan Fawzi said discussions regarding crypto transaction taxes are still being discussed with related institutions such as, CoFTRA, and the Financial System Stability Committee (KSSK).

"Tax levy, yes. Yes, I think it is also under discussion," he told the media crew, Friday, August 9.

According to Hasan, the imposition of crypto asset taxes is currently considered a commodity item, so it refers to the prevailing PMK.

For information, the imposition of taxes on crypto assets is contained in the Regulation of the Minister of Finance of the Republic of Indonesia Number 68/PMK.03/2022 concerning Value Added Tax (VAT) and Income Tax (PPh) on crypto asset trading transactions.

"Now, because it is included in the category of commodity class assets, it certainly refers to the tax regulations for crypto assets that have been implemented by the current PMK," he said.

Hasan said that while waiting for the transfer of crypto asset supervisors from CoFTRA to OJK to be completed, his party would also coordinate with the Ministry of Finance regarding taxes imposed on crypto in the future because crypto assets would later fall into the category of the financial sector.

"Until later it turns to OJK, it will still be effective in the future, of course we will open up space to discuss further with the Ministry of Finance in this matter," he explained.

However, Hasan has not been able to confirm how much tax is imposed on crypto assets in the future after the transfer of crypto asset supervisors from CoFTRA to OJK.

"There is no (large) yet," he concluded.