Crypto Tax Shake-Up: OJK and Ministry of Finance Eye New Regulations

Oscar Darmawan, CEO of INDODAX, one of Indonesia’s leading cryptocurrency exchanges, welcomed OJK’s initiative to establish more comprehensive regulations that align with the evolving dynamics of the digital asset industry. While optimistic that these new regulations could bolster the domestic crypto market, Darmawan also emphasized the importance of balance in policy implementation.

“Overly stringent or burdensome regulations could stifle innovation and hinder the growth of the industry,” he remarked.

Darmawan further underscored the need for open dialogue between the government and other stakeholders, particularly market participants, to ensure that the new policies foster a healthy and sustainable ecosystem.

“We hope that the new regulations will not only focus on taxation but also recognize the potential of the crypto industry as a driver of Indonesia’s digital economy,” he added.

He also expressed INDODAX’s readiness to continue collaborating with regulators to ensure that the policies in place support both the growth of the crypto industry and the protection of investors’ interests.

“We believe that with the right regulatory framework, Indonesia has a great opportunity to become a major player in the global digital economy,” Darmawan said optimistically.

The Ministry of Finance reported that as of June 2024, the cryptocurrency industry had contributed IDR 798 billion to the total tax revenue from the digital economy sector, which reached IDR 25.88 trillion. (Uki Ruknuddin)