Indonesia’s Crypto Market Adapts as INDODAX Adjusts VAT Rates

• INDODAX adjusts VAT rates for crypto transactions to comply with Indonesia’s new tax rules.
• CEO Darmawan supports VAT changes but urges crypto to be VAT-exempt to boost adoption.
• INDODAX suffers a $15.7M loss from a security breach, with crypto stolen across multiple networks.

INDODAX, Indonesia’s largest cryptocurrency exchange, has adjusted its Value Added Tax (VAT) rates. This change aligns with Indonesia’s updated tax policies, specifically PMK No. 131 of 2024 and PMK No. 81 of 2024, which govern VAT rates for crypto transactions.

The VAT rate for buying crypto assets through Crypto Asset Physical Traders (PFAK) is now 0.12%. This equals 1% of the transaction value multiplied by the 12% VAT rate. Other services, like deposit fees and trading costs, will incur an 11% VAT rate, per PMK No. 131 of 2024.   

INDODAX CEO Oscar Darmawan expressed full support for the updated tax framework. He sees the VAT adjustment as a move toward greater tax transparency in Indonesia. He also highlighted that this change will improve transaction safety and convenience for users.

The Impact of VAT on Indonesia’s Crypto Market

While INDODAX supports the new VAT rates, …

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