According to a report by the Indonesian Commodity Futures Trading Regulatory Agency (Bappebti), the majority of cryptocurrency investors in the country are between 18 and 30 years old – more than 60%.

Of these, 26.9% are among people under the age of 24, and 35.1% are between 25 and 30 years old.

Bappebti reported that in September, the total transaction volume of crypto assets reached 33.7 trillion Indonesian rupiah (about $2.1 billion), and the total number of cryptocurrency users in Indonesia reached 21.3 million people. Indonesians mainly prefer to trade stablecoins USDT, ETH, BTC, SOL and PEPE tokens.

In Indonesia, crypto assets are officially recognized as a commodity, which is why local traders face double taxation. In 2022, authorities introduced a value added tax (VAT) of 0.11% and a capital gains tax of 0.1% for cryptocurrency transactions.

Market Development Director at Bappebti, Tirta Karma Senjaya, is confident that cryptocurrencies will soon become an integral part of the country’s financial and economic sector. Therefore, Bappebti called on the Indonesian government to review and ease the tax regime for crypto investors.

Last week, the agency extended application deadlines for cryptocurrency exchanges to comply with regulatory requirements and implement Know Your Transaction (KYT) procedures.