Indonesia is considering a move to tax cryptocurrency trades after a surge in local investor interest, according to Reuters.
The move is reportedly motivated—in part—by Indonesia’s desire to shore up state income amidst the economic damage caused by the ongoing COVID-19 pandemic.
“It is important to know that if there is a profit or capital gain generated from a transaction, the profit is an object of income tax,” said Nielmaldrin Noor, a spokesperson for Indonesia’s tax office, adding, “So the tax payer who receives capital gain has to pay the tax and report it.”
Indonesia’s crypto history
In Indonesia, cryptocurrencies are banned as payment instruments but individuals can trade them as commodities. The sector has grown in recent years; Indonesia-based crypto exchange Indodax has increased its user base to around 3 million this April, up from 2.3 million at the end of last year and 1.5 million in 2019.
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