Indonesia is Rolling in Cash: Raking in $6.8 Million per Month from Crypto Transaction Taxes
Since Indonesia released its fintech and cryptocurrency transaction tax in May of this year, the country has been rolling in cash. According to the country's tax compliance expert, Yon Arsal, the country is seeing tax revenues of $6.8 million per month from this new law.
The Indonesian Finance Ministry instituted a value-added tax (VAT) which tacks 0.1% on cryptocurrency asset transactions. As cryptocurrencies continue to grow in popularity, the Indonesian government is looking to cash in on this rising trend.
A recent report shares that "according to Indonesia's Commodity Futures Trading Regulatory Agency, the total electronic asset transactions reached 59.8 billion USD in 2021, up ten times from 2020." Since 2021 Indonesia's crypto investor community has grown to a whopping 11 million strong, which isn't surprising as Indonesia has the largest within Southeast Asia.
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