Indonesia Crypto Tax Revenue Surges 181% Amidsoaring Trading Volumes 2024

Indonesia’s cryptocurrency tax revenue surged by 181% in 2024, reaching 620 billion rupiah ($38 million), a dramatic rise compared to the 220 billion rupiah ($13.5 million) collected in 2023. This significant increase was attributed to a surge in crypto transaction volumes, which hit 650 trillion rupiah ($39.67 billion) in 2024, driven by Indonesia’s expanding crypto user base of over 20 million, surpassing the number of stock market investors [1]. The tax revenue from crypto first began in 2022 with 246 billion rupiah, but dropped in 2023 before rebounding in 2024.

However, the upward trend may not continue into 2025. As of July 2025, the country had only collected 115 billion rupiah ($6.97 million), signaling a sharp slowdown. Officials linked the decline to the inherent volatility of the crypto market, which affects trading activity and, in turn, tax collections. “Crypto is a long-term investment. The price can drop,” said Hestu Yoga Saksama, Director of Tax Regulations I at the Directorate General of Taxes [1].

To stabilize and regulate the sector, the Indonesian government introduced new tax policies in August 2025, raising the tax on foreign crypto exchanges from 0.2% to 1% while lowering VAT for domestic buyers to zero, incentivizing local trading. The tax on crypto mining was doubled from 1.1% to 2.2%, and a special 0.1% income tax on miners will be phased out in 2026 [1]. These measures are part of a broader regulatory shift, with crypto assets reclassified from commodities to financial assets, placing them under the oversight of the Financial Services Authority (OJK) [1].

Indonesia’s crypto market is also drawing global attention. In 2024, the country ranked third on Chainalysis’s Global Cryptocurrency Adoption Index, driven by a young and active investor demographic, with over 60% of traders aged between 18 and 30. By October 2024, crypto transactions totaled over $30 billion, reflecting a 352% increase compared to 2023 [1]. Despite these gains, the sector remains vulnerable to price fluctuations, which challenge long-term revenue planning. “It really depends on the market. If activity drops, so does the revenue,” noted Hestu Yoga Saksama [1].

Experts warn that governments must approach crypto tax revenue with caution. Gregory Cowles, Chief Strategy Officer of Intellistake.ai, highlighted the risks of overly aggressive taxation, which could drive users offshore or into informal trading. “If governments start to treat crypto tax income as a stable budget item, they may be setting themselves up for disappointment,” he said [1].

Indonesia’s regulatory landscape continues to evolve. The transfer of oversight from the Commodity Futures Trading Regulatory Agency (Bappebti) to the OJK has been delayed due to incomplete government regulations. Once implemented, the OJK is expected to provide a more structured framework aligned with global standards, including clearer rules on trading and taxation [1].

Source: [1] Indonesia’s Crypto Tax Revenue Skyrockets 181% – But Volatility Raises Red Flags (https://cryptonews.com/news/indonesias-crypto-tax-revenue-skyrockets-181-but-volatility-raises-red-flags/)