Indonesia’s Crypto Tax Revenue: A Volatile Journey Amid Market Swings

• Crypto tax revenue in Indonesia rose from IDR 24.6B in 2022 to IDR 62B in 2024.
• A 2023 dip to IDR 22B reflects market volatility and a 51% transaction drop.
• New tax hikes effective August 1, 2025, target overseas trades with a 1% rate.

As of August 1, 2025, Indonesia’s crypto tax landscape continues to reflect the wild ride of the digital asset market.

According to a recent post by Wu Blockchain on X, the Direktorat Jenderal Pajak (DJP) reported a significant rise in crypto tax revenue, climbing from IDR 24.6 billion in 2022 to IDR 62 billion in 2024. This growth highlights the effectiveness of the tax policy introduced in May 2022, which imposes a 0.1% income tax and a 0.11% value-added tax (VAT) on crypto transactions.

However, a dip to IDR 22 billion in 2023—coinciding with a 51% drop in transaction volumes, as noted by CoinDesk—underscores the market’s volatility. Year-to-date 2025 revenue stands at IDR 11.5 billion, aligning with officials’ warnings that tax income remains closely tied to fluctuating market conditions.

The volatility is no surprise, given insights from the Journal of Risk and Financial Management (2023), which links such swings to the nascent nature of crypto markets. Despite the ups and downs, Indonesia’s tax framework has proven resilient, with revenue tripling over two years. This resilience challenges the narrative that high taxes stifle crypto adoption, as local exchanges push back against the dual-tax system, advocating for VAT removal.

The Financial Services Authority’s planned regulatory overhaul in 2025 could address these concerns, potentially reshaping the tax landscape. Looking ahead, the recent hike in tax rates—effective today, August 1—raises the stakes. Sellers on domestic exchanges now face a 0.21% tax (up from 0.1%), while overseas trades incur a 1% rate (up from 0.2%), per Reuters. With crypto transaction values soaring to $39.67 billion in 2024 and over 20 million users, Indonesia stands at a crossroads.

Balancing innovation with revenue generation will be key, especially as the industry calls for fiscal incentives akin to stock market capital gains taxes. As the market evolves, Indonesia’s crypto tax experiment offers a case study in navigating the turbulent waters of digital finance.

Disclaimer: This article is for informational purposes only and does not constitute financial advice. CoinCryptoNewz is not responsible for any losses incurred. Readers should do their own research before making financial decisions.