fbpx
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA
Thursday, March 23, 2023
Online Crypto College
CREATE FREE ACCOUNT
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
No Result
View All Result
Online Crypto College
No Result
View All Result

How do Association and Business Actors in the Crypto Asset Industry Response?

June 6, 2022
in Regulation
Reading Time: 3 mins read
A A
How do Association and Business Actors in the Crypto Asset Industry Response?
ShareShareShareShareShare

Related articles

Editorial: Why embattled crypto needs traditional rules, not a new … – Chicago Tribune

Editorial: Why embattled crypto needs traditional rules, not a new … – Chicago Tribune

March 23, 2023
Congressman Emmer introduces bill providing ‘safe harbor’ to miners, developers and wallets

Congressman Emmer introduces bill providing ‘safe harbor’ to miners, developers and wallets

March 23, 2023

JAKARTA, Indonesia, June 6, 2022 /PRNewswire/ — The regulation regarding the taxation of crypto asset transactions is officially issued by the Government. Tax provisions on the crypto asset trading are regulated on the Minister of Finance Regulation No. 68 of 2022 (“PMK 68/2022”), where this regulation is a derivative for the Law on Harmonization of Tax Regulation (“UU HPP”). The regulation imposed a VAT rate of 1% from VAT rate multiplied by the value of the crypto asset transactions, while the regulation also imposed a (final) income tax for every earnings gained from crypto asset sales with 0,1% tax rate that applied from May 1, 2022.

However, the tax enforcement on crypto asset transactions set by the PMK 68/2022 is still debated, especially for business actors. Therefore the Indonesian Blockchain Association (Asosiasi Blockchain Indonesia/ABI) which represents all prospective crypto asset exchanges registered under CoFTRA gave a response regarding the implementation of crypto asset tax:

Crypto asset tax enforcement date seems too fast considering the prospective crypto asset exchanges need to prepare for the technical process of tax collection and then socialize it to the investors who will become the taxpayers.

The imposed tax rates should be more clarified because based on the Minister of Trade Regulation No. 99 of 2018 regarding the “General Policy for the Implementation of Crypto Asset Futures Trading”, stipulates crypto assets as commodities that can be subject to futures contract traded on the Futures Exchange (Article 1), while there is no clear regulatory basis for the VAT rates for futures commodity with classification of intangible asset such as crypto assets, where cannot be treated the same way with other futures commodities. As for the 2.5% income tax rate for futures commodities that has been imposed on Government Regulation No. 17 of 2009 regarding the Income Tax on Derivative Transactions Revenue in the Form of Futures Contracts Traded on the Exchange (“PP 17/2009”), which in principle must be taken into consideration in the tax imposition has been revoked by the Government Regulation No. 31 of 2011 (“PP 31/2011”), and until now there has been no revised and/or updated Government Regulation regarding the income tax rates specifically for the Futures Commodities.

On the other hand, the tax rate imposed can cut out the competitive value for the domestic business actors, so it is feared that it could cause potential domestic customers to turn away and transact using foreign crypto exchanges that are not supervised by the CoFTRA which will impact the domestic crypto asset industry (causing capital outflows), especially for the business actors that have been registered and comply with the CoFTRA regulation. Another thing that needs to be considered is the crypto asset ecosystem which is also being built by the Government, including Futures Exchange, Clearing Houses, and Depository which means there will be additional fees applied for the crypto asset exchanges and not the foreign crypto exchanges.

Asih Karnengsih as the Chairwoman of ABI said, “We appreciate and will support the Government in making and establishing tax regulations for crypto assets, meaning that the crypto asset industry is currently one of the things that Government pays attention to since it has great potential to contribute to the state revenue, but what concerns us right now is the legal basis for income tax & VAT rates that need to be strengthen while also pay more attention to maintaining the competitiveness of domestic business actors.“

Deputy Minister of Trade, Jerry Sambuaga – through a press release, Tuesday (29/3/2022) stated, “The last two years have been an interesting period for crypto asset trading developments in Indonesia. Until February 2022, the transaction value grew by 14.5 percent compared to the same period in 2021.” From this data, people can see the rapid development of crypto asset trading in Indonesia. It would be unfortunate if this development is hampered, or if there’s possibility of a decrease in the tax compliance level on crypto asset transactions as a result of tax imposition without an in-depth study. In order to encourage tax regulations that are more amenable to all stakeholders, ABI is also preparing an in-depth study for the Crypto Asset Tax.

SOURCE Asosiasi Blockchain Indonesia

Credit: Source link

ShareTweetSendPinShare
Previous Post

Experts Suggest Merely Tokens Might Survive after LUNA’s Collapse

Next Post

Coinbase is Safest Crypto Exchange Overall: BrokerChooser

Related Posts

Editorial: Why embattled crypto needs traditional rules, not a new … – Chicago Tribune

Editorial: Why embattled crypto needs traditional rules, not a new … – Chicago Tribune

March 23, 2023

Editorial: Why embattled crypto needs traditional rules, not a new ...  Chicago Tribune Credit: Source link

Congressman Emmer introduces bill providing ‘safe harbor’ to miners, developers and wallets

Congressman Emmer introduces bill providing ‘safe harbor’ to miners, developers and wallets

March 23, 2023

Ad Congressman Tom Emmer and Darren Soto introduced a bipartisan bill on March 23 called the Blockchain Regulatory Certainty Act...

Exercise Caution with Crypto Asset Securities: Investor Alert – SEC.gov

Exercise Caution with Crypto Asset Securities: Investor Alert – SEC.gov

March 23, 2023

Exercise Caution with Crypto Asset Securities: Investor Alert  SEC.gov Credit: Source link

Circle CEO says ‘aggressive regulatory actions’ on crypto caused ‘deep market anxiety’

Circle CEO says ‘aggressive regulatory actions’ on crypto caused ‘deep market anxiety’

March 23, 2023

Ad Circle CEO Jeremy Allaire has warned about the risks facing the crypto market due to exposure to the U.S....

Investors Try to Parse Powell and Yellen’s Next Moves on Banks – The New York Times

Investors Try to Parse Powell and Yellen’s Next Moves on Banks – The New York Times

March 23, 2023

Investors Try to Parse Powell and Yellen’s Next Moves on Banks  The New York Times Credit: Source link

Load More
Next Post
Coinbase is Safest Crypto Exchange Overall: BrokerChooser

Coinbase is Safest Crypto Exchange Overall: BrokerChooser

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

US Supreme court set to hear its first cryptocurrency case – Coinbase vs. Bielski

US Supreme court set to hear its first cryptocurrency case – Coinbase vs. Bielski

March 21, 2023
NFT Collection isoworld – Genesis isoroom Price, Stats, and Revie…

NFT Collection isoworld – Genesis isoroom Price, Stats, and Revie…

March 20, 2023
BlackRock CEO Larry Fink Describes Digital Assets’ Advancement In Annual Shareholder Letter

BlackRock CEO Larry Fink Describes Digital Assets’ Advancement In Annual Shareholder Letter

March 17, 2023
Tips for Beginners on How to Play

Tips for Beginners on How to Play

March 22, 2023
New White House Report Slams Digital Asset Industry – Regulation Incoming? – Cryptonews

New White House Report Slams Digital Asset Industry – Regulation Incoming? – Cryptonews

March 22, 2023

About Us

We provide the latest crypto news, trading tools, and up-to-date education to students and traders all over the world.

ENROLL FOR FREE

Latest Crypto Headlines

  • Editorial: Why embattled crypto needs traditional rules, not a new … – Chicago Tribune
  • IOTA and Web3 Builder NakamaLabs explore the benefits of tokenization with real-world use cases
  • MetaMetaverse rebrands to MultiversalME for multiversal interoperability
  • Ripple’s Chief Legal Officer Reacts To SEC’s Wells Notice to Coinbase
  • Federal Reserve Admits Blindsided Oversight of SVB Collapse
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login
  • Contact Us
  • Privacy Policy
  • Terms of Use
  • DMCA

© 2022 - OnlineCryptoCollege.com - All rights reserved!

No Result
View All Result
  • Home
  • Live Crypto Prices
  • Crypto News
    • Bitcoin
    • Altcoin
    • Blockchain
    • Regulation
    • Trading
  • Learn Crypto For Free
  • Login

© 2018 JNews by Jegtheme.

  • bitcoinBitcoin(BTC)$28,415.002.97%
  • ethereumEthereum(ETH)$1,823.314.25%
  • USDEXUSDEX(USDEX)$1.07-0.53%
  • tetherTether(USDT)$1.01-0.21%
  • binancecoinBNB(BNB)$330.601.63%
  • usd-coinUSD Coin(USDC)$1.00-0.03%
  • rippleXRP(XRP)$0.4452623.80%
  • cardanoCardano(ADA)$0.3724352.42%
  • dogecoinDogecoin(DOGE)$0.0775853.86%
  • staked-etherLido Staked Ether(STETH)$1,817.044.03%
  • matic-networkPolygon(MATIC)$1.13-0.31%
  • solanaSolana(SOL)$22.191.60%
  • binance-usdBinance USD(BUSD)$1.00-0.63%
  • polkadotPolkadot(DOT)$6.293.22%
  • litecoinLitecoin(LTC)$93.216.39%
  • shiba-inuShiba Inu(SHIB)$0.0000111.80%
  • tronTRON(TRX)$0.06680811.48%
  • avalanche-2Avalanche(AVAX)$17.634.00%
  • daiDai(DAI)$1.00-0.07%
  • uniswapUniswap(UNI)$6.242.21%
  • wrapped-bitcoinWrapped Bitcoin(WBTC)$28,463.002.96%
  • chainlinkChainlink(LINK)$7.575.05%
  • cosmosCosmos Hub(ATOM)$11.743.58%
  • leo-tokenLEO Token(LEO)$3.380.19%
  • ToncoinToncoin(TON)$1.99-17.65%
  • ethereum-classicEthereum Classic(ETC)$20.792.93%
  • moneroMonero(XMR)$156.474.00%
  • okbOKB(OKB)$44.76-1.05%
  • Aerarium FiAerarium Fi(AERA)$7.15-13.10%
  • bitcoin-cashBitcoin Cash(BCH)$128.541.39%
  • stellarStellar(XLM)$0.0925902.34%
  • filecoinFilecoin(FIL)$5.894.77%
  • AptosAptos(APT)$13.124.45%
  • true-usdTrueUSD(TUSD)$1.01-0.15%
  • lido-daoLido DAO(LDO)$2.33-2.10%
  • hedera-hashgraphHedera(HBAR)$0.0625561.12%
  • quant-networkQuant(QNT)$127.090.97%
  • ArbitrumArbitrum(ARB)$1.42-71.87%
  • crypto-com-chainCronos(CRO)$0.0700862.00%
  • nearNEAR Protocol(NEAR)$2.054.88%
  • vechainVeChain(VET)$0.0236943.41%
  • blockstackStacks(STX)$1.17-2.01%
  • algorandAlgorand(ALGO)$0.2185580.33%
  • internet-computerInternet Computer(ICP)$5.182.78%
  • apecoinApeCoin(APE)$4.153.69%
  • fantomFantom(FTM)$0.4937313.44%
  • the-graphThe Graph(GRT)$0.1540846.28%
  • eosEOS(EOS)$1.165.45%
  • the-sandboxThe Sandbox(SAND)$0.661.90%
  • decentralandDecentraland(MANA)$0.613.85%