Indonesia Exploits Crypto Profit Taxes Amid Growing Demand Among Local Residents

Indonesia Exploits Crypto Profit Taxes Amid Growing Demand Among Local Residents

Cryptocurrency transactions in the country are considered to be small, mainly due to the lack of education among the general population, CEO of Indodax, Oscar Darmawan, in an April statement, reported by Tempo.Co. Indodax in April said the number of active members on its platform hit three million, rising from around 2.3 million at the start of the year. Darmawan did add that the number of transactions is growing, moving up in tandem with the global market.

The country’s Financial Services Authority has warned Indonesians on the risks of cryptocurrencies, particularly around their price volatility. Noor however clarified that a tax scheme for cryptocurrency was still at the discussion stage.

In Indonesia, the world’s fourth most populated nation with 275 million people, many use Indodax, a cryptocurrency exchange platform that claims to be the largest in the country, Reuters reported. “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,” Neilmaldrin Noor, a spokesman at Indonesia’s tax office, told Reuters. 

Source www.businessinsider.com Worldwide, cryptocurrencies have soared in 2021 – with bitcoin rising 95% year to date, ether surging 380%, and dogecoin skyrocketing an astounding 13,000%.

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