Indonesia to introduce tax on profits from cryptocurrency transactions

There is no specific mechanism for taxing digital assets in the country yet, as it is at the stage ofdiscussion.

Indonesian authorities plan to taxprofits from cryptocurrency transactions, Reuters reports with reference to the representative of the Indonesian tax office Nilmaldrini Noor. According to him, there is still no specific mechanism for taxing cryptocurrencies in the country, since it is under discussion.

“If as a result of the transaction a profit is made orcapital gains, these profits are subject to income tax. Thus, the taxpayer receiving the capital gain must pay the tax and report it, ”Nur said.

According to the legislation of Indonesia, cryptocurrencies in the country have the status of goods and are prohibited as a means of payment.

Formerly Indonesia's leading crypto exchange Tokocrypto has issued its own tokens using the Binance Launchpad platform. A total of 75 million tokens were sold for a total of $ 7.5 million.

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