Why Did Crypto Tax Drop by 52%? - Fintech World

Crypto tax revenues in Indonesia have shown a sharp decline throughout the first nine months of 2026. Although the government has collected more than Rp2 trillion since the tax collection began, this year's revenue is significantly lagging behind the same period last year.

According to data from the DJP released on Saturday (31/10/2026), cited from Blockchainmedia.id on Monday (2 November 2026), tax revenue from crypto asset transactions from January to September 2026 was recorded at Rp300.28 billion.

In comparison, revenue in the first nine months of 2025 reached Rp621.30 billion. This means there was a decrease of Rp321.02 billion, or about 51.67 percent year-on-year.

This figure is quite striking, especially after crypto tax revenues in 2025 reached Rp796.74 billion, surpassing the previous year's achievement of Rp620.38 billion.

However, this decline in revenue does not necessarily reflect the overall condition of domestic crypto activity. There have been significant changes in the tax scheme that make the comparison between the two periods need to be read carefully.

Crypto Tax Revenue Drops, But Accumulation Continues to Rise

In its latest report, the DJP revealed that total crypto tax revenue from 2022 to September 2026 has reached Rp2.18 trillion.

This amount consists of Income Tax (PPh) Article 22 of Rp1.30 trillion and Value Added Tax (PPN) domestically of Rp881.82 billion.

Historically, crypto tax revenue was recorded at Rp246.54 billion in 2022 and Rp220.89 billion in 2023. The figure then increased to Rp620.38 billion in 2024, before reaching Rp796.74 billion throughout 2025.

Meanwhile, the DJP report in October 2025 showed that revenue from January to September that year had reached Rp621.30 billion.

The comparison of these two reports resulted in a nearly 52 percent decline in 2026.

There is another interesting finding. The cumulative PPN for crypto until September 2025 was recorded at Rp872.62 billion, while in September 2026 it became Rp881.82 billion.

Thus, the cumulative PPN component only increased by Rp9.20 billion over the twelve-month period.

This relatively small difference becomes significant when linked to the changes in tax policy that the government began implementing last year.

New Rules Could Change Revenue Picture

One factor that needs to be considered is the enactment of the Minister of Finance Regulation (PMK) Number 50 of 2025 since August 1, 2025.

Through PMK 50/2025 provisions, the government changed the tax treatment of crypto assets after classifying them as digital financial assets equivalent to securities.

The main change is that the transfer of crypto assets is no longer subject to PPN. However, PPN still applies to certain services, including services that facilitate crypto transactions and verification services by miners.

On the other hand, the final PPh Article 22 rate on transactions through domestic digital financial asset traders is set at 0.21 percent of the transaction value. Previously, the applicable rate for transactions through registered traders was 0.1 percent.

This change has altered the tax revenue structure compared to the previous period.

Throughout January to September 2025, there were still seven months when the old rules were in effect. In contrast, the entire period from January to September 2026 has been under the new tax scheme.

Therefore, the 51.67 percent decline in revenue cannot be directly interpreted as a decrease in crypto transaction activity to the same extent.

Is Crypto Activity in Indonesia Really Slowing Down?

The unanswered question is how much of the decline in revenue is influenced by the rule changes, and how much comes from changes in trading activity.

To answer this, details of PPh and PPN revenue specifically from January to September in each year are needed, not just the combined figures and accumulations since 2022.

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