Indonesian Crypto Exchanges Blame High Taxes for Trading Volume Drop

Indonesia, known for its rapid embrace of cryptocurrencies, witnessed a substantial 60% decline in exchange transaction volumes throughout 2023, starkly contrasting to the previous year. Analysts suggest imposing high taxes might be a key factor driving traders away from the crypto market. Heavy Taxation Dampens Crypto Enthusiasm Indonesia classifies crypto assets as commodities, subjecting them to income tax and value-added tax (VAT). Prominent crypto exchanges in the country assert that the cumulative taxes on each transaction often surpass the trading fees levied by...

source: https://tokenpost.com/Indonesian-Crypto-Exchanges-Blame-High-Taxes-for-Trading-Volume-Drop-11103

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