OJK Plans New Crypto Tax Adjustments Ahead Of 2025

Illustration. (Photo: Unsplash)

JAKARTA - The Financial Services Authority (OJK) is preparing to adjust the new tax for crypto asset transactions. This is part of one of the plans to transfer supervision of crypto assets from the Commodity Futures Trading Supervisory Agency (CoFTRA) to OJK in early 2025.

Chief Executive of the Financial Sector Technology Innovation Supervisory, Hasan Fawzi stated that the OJK will cooperate with the Ministry of Finance to implement a new crypto tax. Currently, the crypto tax of 0.1 percent is regulated in the Decree and Regulation of the Minister of Finance No. 68 of 2022, including in the PPh Article 22 Final.

With surveillance turning to OJK, crypto asset taxes are predicted to change as the assets will be reclassified as digital financial assets instead of as commodities. This change will include the redefinition of asset categories, switching from commodity regulations to digital financial assets.

INDODAX CEO Oscar Darmawan responded to this development with optimism and caution.

"As industry players, we understand that regulation is an important element in maintaining the integrity and growth of the crypto market. We welcome the OJK initiative to create more comprehensive regulations and in accordance with the dynamics of the digital asset industry," said Oscar Darmawan, in a written statement, Friday, August 16.

Furthermore, Oscar emphasized the importance of balance in implementing new policies.

"We hope that this new regulation will not only focus on the aspect of tax imposition, but also consider the potential of the crypto industry as a driver of the digital economy in Indonesia. This is because regulations that are too strict or burdensome can pose a risk of hindering industrial innovation and growth," he added.

Oscar also underlined the need for open dialogue between governments and stakeholders to ensure that the policies implemented can create a healthy and sustainable ecosystem.

"We are ready to continue collaborating with regulators in ensuring that the policies taken support the growth of the crypto industry while protecting investor interests. We believe that with the right regulations, Indonesia has a great opportunity to become a major player in the global digital economy," concluded Oscar Darmawan.

With this development, INDODAX as the largest crypto trading platform in Indonesia will continue to follow and adapt to applicable regulations, and ensure compliance with the provisions set by the relevant authorities.

Taxes for crypto asset transactions on exchanges listed on CoFTRA are currently 0.11 percent of the transaction value. However, if the transaction is carried out on a crypto exchange that is not registered with CoFTRA, the tax rate will increase to 0.22 percent.

On the other hand, crypto asset transactions are also subject to income tax (PPh) worth 0.1 percent for transactions that take place on the exchange registered with CoFTRA, on the other hand, if it is done on an unregistered exchange, the income tax rate will increase to 0.2 percent.

Head of the CoFTRA Futures Trading Development and Development Bureau, CoFTRA, Tirta Karma Senjaya, revealed that CoFTRA plans to submit a proposal to lower taxes by half of the current rates.

Please note, the crypto industry has contributed IDR 798 billion in taxes until June 2024. Of this amount, INDODAX accounts for around 45 percent, or almost IDR 350 billion.

In addition, INDODAX also paid a corporate tax of IDR 234 billion, not including the personal income tax (PPh) of nearly 500 employees.