Indonesia will raise taxes on cryptocurrency transactions, with a higher rate on trades hosted by overseas bourses, starting from August 1, according to a new finance ministry regulation. Cryptocurrencies have become a popular investment option in Southeast Asia's largest economy,

Indonesia raises crypto tax on domestic trades to 0.21% and on international exchange transactions to 1%, as per a Reuters report.

Indonesian domestic sellers will face a 0.21% transaction tax, up from 0.1%. Crypto mining VAT doubles to 2.2%, but the special 0.1% income tax for

Indonesia excludes VAT on crypto buyers. The new tax rules include a 0.21% tax on the transaction value for sellers of cryptocurrencies in local exchanges, up from the previous 0.