Crypto Tax In Indonesia Not Optimal, Binance Boss Changpeng Zhao:bant Tax On Business, Don't Income Users

JAKARTA The founder and CEO of Binance, Changpeng Zhao, became one of the panelists at the 20th KTT Business (B20) which was held in Bali on November 14 yesterday. Zhao discussed issues around the crypto industry including user protection and tax burdens.

Zhao is one of the panelists of various prominent figures in the technology industry besides Elon Musk (CEO Tesla and SpaceX), Jeff Bezos (founder of Amazon), Anthony Tan (founder of Grab), and many more. B20 Indonesia Summit lasted for two days 13-14 November 2022.

On that occasion, the Binance founder explained that everyone in the crypto industry is responsible for providing protection to their users. To that end, he stressed the existence of cooperation to design strong standards.

Everyone in this industry has a responsibility to protect users. We hope industry players can work together to gather opinions and set strong standards, said a figure familiarly called CZ.

Changpeng Zhao said the problems that befell the crypto industry recently, the collapse of FTX's leading crypto exchange, had urged its crypto trading companies and various parties to set up general guidelines to increase transparency.

Given the recent series of events this year, Binance sees the importance of developing general guidelines. We will try to work together with other industry players to establish the same business standards. All industry players need to increase transparency and work with regulators to make the industry stronger," said the Binance CEO.

Not only that, CZ also discussed the tax problems imposed in the crypto asset industry. Zhao noted that the implementation of crypto taxes in Indonesia is not optimal.

In my opinion, tax now is actually a new tax introduced recently in Indonesia is not optimal. I think tax (attractive) is good, but a way to get a high amount of tax... I think it could be wrong, "said Changpeng Zhao.

According to him, users should not be charged with income tax from crypto transactions. He stressed that taxes should be borne by the income of the crypto company itself.

If we give a tax of 0.1 to 2% of the transaction will have an impact on not many transactions. So, burden taxes on its business in industry, corporate income taxes," he concluded.

Beberapa pekan lalu perusahaan pertukaran kripto Binance telah membebaskan biaya transaksi perdagangan Bitcoin dalam platformnya. Ini belum dilakukan oleh pertukaran kripto dalam negeri. Dengan membebaskan beban pajak transaksi, tidak menutup kemungkinan pengguna baru berpotensi mengalami peningkatan karena biaya transaksi rendah menarik para pengguna retail.