Still in the red after the halving, Bitcoin price has the potential to reach this level

Acting Head of the Commodity Futures Trading Supervisory Agency (Bappebti) of the Ministry of Trade (Kemendag) Kasan reported that the value of crypto asset transactions throughout the first quarter of 2024 reached IDR 158.8 trillion. This number has increased fourfold compared to the value of crypto transactions in the first quarter of 2023.

“In the reported records, we also see that crypto asset transactions in the first quarter of 2024 recorded IDR 158.8 trillion, an increase of almost 400 percent compared to the same period in 2023,” said Kasan at the 2024 Crypto Literacy Month activities in Jakarta, Thursday ( 2/5/2024).

This jump, continued Kasan, was also accompanied by an increase in the number of crypto investors. “Plus, it was reported that the number of crypto asset customers has reached 19,747,447 million customers. This is a very large number,” he added.

Furthermore, Kasan also emphasized that crypto asset trading has also contributed to state revenues in the tax sector.

Referring to the report from the Directorate General of Taxes (DJP) of the Ministry of Finance, crypto taxes have collected IDR 112.93 billion in the first quarter of 2024. Meanwhile, since 2022, total crypto tax revenues have reached IDR 580.2 billion.

“This is also important. I think regulations related to taxation also need to continue to be improved and perfected, because we have received several responses from our friends in business,” said Kasan.