Tanahub.com — The Commodity Futures Trading Regulatory Agency (Bappebti) revealed that the country’s revenue from crypto asset transaction taxes has almost reached IDR 1 trillion over the past two years.
According to Bappebti data, from the implementation of crypto taxes on May 1, 2022, until October 2024, the state’s revenue reached IDR 942.88 billion.
This increase aligns with the significant growth in total crypto transactions in Indonesia. Bappebti recorded that transactions from January to October 2024 reached IDR 475.13 trillion.
This marks a 352.89% increase compared to the same period in 2023, which only reached IDR 104.91 trillion.
The amount also far exceeds the value of crypto asset transactions in January-December 2022 and 2023, which amounted to IDR 306.4 trillion and IDR 149.3 trillion, respectively.
Bappebti Head Kasan stated that the increase in transaction volume reflects the growing interest of Indonesians in trading crypto assets.
“This demonstrates that crypto asset trading has become one of the trading options favored by the public,” Kasan said in an official statement.
The increase is also evident in the number of investors. As of October 2024, Indonesia has 21.63 million registered users, 716,000 of whom are actively trading through seven licensed Physical Crypto Asset Traders (PFAK).
The most popular crypto assets among Indonesian investors in October 2024 were Tether (USDT), Ethereum (ETH), Bitcoin (BTC), Pepe (PEPE), and Solana (SOL).
Bitcoin recently reached a new all-time high (ATH), hitting $99,551, or approximately IDR 1.58 billion, on November 22. This surge was driven by high inflows from Bitcoin spot ETFs in the US.
Large-scale accumulation by institutional investors has also reached a four-year high. Additionally, Donald Trump’s victory in the US presidential election contributed to a significant psychological impact on the market.