Jakarta. The Financial Services Authority (OJK) is preparing new tax regulations for cryptocurrency transactions as part of the transition of crypto oversight from the Commodity Futures Trading Regulatory Agency (Bappebti) to OJK, expected by early 2025.

Under OJK's supervision, cryptocurrencies will be reclassified as digital financial assets rather than commodities, potentially altering tax rates.

Hasan Fawzi, Head of Financial Technology Innovation at OJK, indicated that while specific details are yet to be announced, adjustments to crypto tax rates are anticipated, with possible increases. The new rules aim to enhance transparency and prevent money laundering.

“We are preparing new tax adjustments for cryptocurrency transactions,” Hasan Fawzi told Antara on Wednesday.

OJK is considering broadening the tax base for cryptocurrency transactions. This could include various types of crypto assets, not just popular ones like Bitcoin and Ethereum. With the new regulations, oversight of crypto transactions is expected to become stricter, aiming to enhance transparency and prevent money laundering.

Meanwhile, Bappebti has introduced stricter regulations under Regulation No. 8/2024, requiring prospective crypto asset traders to meet specific licensing requirements by October 16, 2024. This regulation seeks to ensure compliance and protect investors by creating a more regulated trading environment.

“We fully support Bappebti's measures because they can enhance the credibility of the crypto industry in Indonesia. It also provides assurance to investors that they are trading in a well-regulated and compliant market,” said Yudhono Rawis, Vice Chairman of the Indonesian Blockchain and Crypto Asset Traders Association (Aspakrindo-ABI).