Another country is planning to tax holders of cryptocurrencies

Pressure on crypto market participants has recently increased in many countries. For example, South Korea announced the introduction of a profit tax for holders of digital assets. Russian authorities are moving in a similar direction.

This week, it became known that the Indonesian Futures Trading Regulatory Agency (Bappebti) wants to introduce a transaction tax on cryptocurrencies. This refers to transactions that traders make on exchanges, the operation of which is controlled by the state.

Currently, there are 13 crypto exchanges in the country under supervision, reports Phnom Penh Post.

According to Bappebti head Sidharth Utama, the tax rate for transactions has not yet been agreed upon. The regulator has already requested this from Indonesia's Fiscal Policy Agency.

The country's authorities stepped up six months ago when bitcoin began to skyrocket in value. Last December, the Commodity Futures Regulatory Agency said it needed to develop a regulatory framework for the cryptosphere.

In February 2021, the regulator published a list of 13 platforms that were licensed to serve digital currency holders. All of these exchanges were recognized by the state as legal entities.