Indonesia to raise taxes on cryptocurrency transactions

Indonesia's Ministry of Finance has recently announced that it will increase tax rates on cryptocurrency transactions, effective August 1st. The tax rate for sellers of crypto assets on domestic exchanges will rise from 0.1% to 0.21%, while the rate for sellers on overseas exchanges will increase from 0.2% to 1%. Buyers will no longer be required to pay value-added tax (VAT). Furthermore, the VAT rate on cryptocurrency mining will increase from 1.1% to 2.2%.