Indonesia joins the regulation of cryptocurrencies in this 2022

[Wimex]

Since blockchain technology was implemented and spread throughout the world, a wide variety of countries have decided to create measures to include cryptocurrencies as a new form of payment, such as Indonesia, which has been seeking the regulation of crypto assets for some time, and this It is due to the great increase in Indonesians who are investing in these currencies, especially in Bitcoin, it is estimated that from 2020 to 2021 BTC transactions increased 14 times more, demonstrating how popular these assets have become in that country; BAPPEBTI, the governing body, in charge of maintaining control of the trade, declared its intention, expressing in an official statement that "With the new rules that we had published, it is expected that we and cryptocurrency exchanges in Indonesia can work together to help ensure that every cryptocurrency transaction is legally regulated and safe for investors in Indonesia." a good outlook is expected this 2022 for the Indonesian territory.

How would the regulation of cryptocurrencies help the country?



SOURCE: https://cointelegraph.com/news/indonesia-s-cryptocurrency-community-in-2022-an-overview

[jokers10]

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How would the regulation of cryptocurrencies help the country?
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If we talk about Indonesia they are just implementing the tax system for crypto assets. They don't let using cryptocurrencies as currencies, they see it as a commodity. So they can take some piece of entire cake of crypto, but all advantages can be reached only with looser legislation.
But just 0.1% of VAT and 0.1% on capital gains is rather soft tax system for crypto comparing with some other countries so I think Indonesia can attract some crypto investours with that.

[accounting 181293]

...
How would the regulation of cryptocurrencies help the country?
...

If we talk about Indonesia they are just implementing the tax system for crypto assets. They don't let using cryptocurrencies as currencies, they see it as a commodity. So they can take some piece of entire cake of crypto, but all advantages can be reached only with looser legislation.
But just 0.1% of VAT and 0.1% on capital gains is rather soft tax system for crypto comparing with some other countries so I think Indonesia can attract some crypto investours with that.

the percentage of tax that will be applied is very low when compared to other Asian countries such as India which imposes 30%. so maybe people in that country won't protest this tax problem. but the fact that crypto is only seen as an asset is also important. it looks like the country wants to regulate crypto without having any desire to adopt it as a currency.

[noorman0]

Crypto regulation in Indonesia is too loose, it only regulates crypto functionality in general. Recently, crypto companies in Indonesia have grown rapidly by using local artists as their main marketing weapon. Regardless of whether the new crypto is innovative or not, unfortunately out of 11 million local crypto investors are easily influenced because most don't have enough knowledge about crypto volatility, unable to do proper research on how to choose a healthy crypto to invest in.

To be honest I'm expecting new regulations to suppress the growth of new cryptos.

[qwertyup23]

Crypto regulation in Indonesia is too loose, it only regulates crypto functionality in general. Recently, crypto companies in Indonesia have grown rapidly by using local artists as their main marketing weapon. Regardless of whether the new crypto is innovative or not, unfortunately out of 11 million local crypto investors are easily influenced because most don't have enough knowledge about crypto volatility, unable to do proper research on how to choose a healthy crypto to invest in.

To be honest I'm expecting new regulations to suppress the growth of new cryptos.

Thought his may be the case, any regulation and news can be beneficial to cryptocurrencies in the near future. The fact that Indonesia recognized the need for implementing regulations means that they see its potential effect in the future. I just hope that this regulation would not hinder the development of cryptocurrencies in their country as this can backfire easily and be a double-edged sword.

Though there are countries that started accepting BTC as a form of legal tender, we are still far away from such vision where every country would recognize cryptocurrencies as a valid form of payment for services and products.

[Flexystar]

Nice representation from cointelegraph. Every crypto is playing nicely on the beach side and showcasing that slowly the crypto is winning the hearts of country to country. I think if we write one by one then since 2017 when the first bitcoin plunge started many countries started to invest into blockchain associated projects. Whether it is sanctioning of crypto as legal tender into their country or whether it is creating their digital blockchain based coin we have seen good amount of rise in the same. Congrats for Indonesians on achieving crypto legality status. Hope they bring more investors into community.