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Indonesia’s Crypto Sector at Crossroads Ahead of Elections

Leadership change in Indonesia’s February elections could impact the vibrant crypto sector, shifting regulatory approaches.

by Alexander
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As Indonesia gears up for general elections in February, the future of the country’s thriving crypto sector hangs in the balance. While the current government, led by President Joko Widodo, has shown enthusiasm for crypto, potential leadership changes pose uncertainties.

Not all leading candidates have been vocal about crypto, but scattered remarks provide insights into potential directions for the industry. Presidential and vice-presidential candidates Anies Baswedan and Muhaimin Iskandar, representing the opposition, have been relatively quiet on crypto matters. However, their plans for policy overhauls may impact the sector.

Taxation and Regulation on the Horizon

Muhaimin Iskandar, in 2022, advocated for taxing crypto transactions to boost state revenues and called for stricter regulation, suggesting oversight by the Financial Services Authority (OJK) in 2025. This regulatory shift could influence tax burdens for crypto users and exchanges, potentially impacting market dynamics.

Ganjar Pranowo’s NFT Praise and Tax Reminders

Presidential hopeful Ganjar Pranowo, along with running mate Mahfud MD, has not discussed crypto during the campaign. However, in 2022, Ganjar praised the creativity of non-fungible tokens (NFTs) and emphasized the importance of tax compliance. Their approach to crypto remains uncertain, leaving room for potential shifts in policies.

Gibran Rakabuming Raka: A Crypto Advocate?

Gibran Rakabuming Raka, running alongside Defense Minister Prabowo Subianto, stands out as the most vocal supporter of crypto. Expressing a commitment to preparing blockchain and crypto experts for Indonesia’s tech sector, Raka’s stance aligns with the current government’s positive outlook on digitization.

Election Impact on Indonesia’s Crypto Landscape

As the general elections approach on Feb. 14, the candidate most likely to continue crypto-friendly policies seems to be the duo of Prabowo and Raka. Their commitment to enhancing tax compliance supervision among stock and crypto traders may indicate a continuation of existing regulatory approaches in Indonesia’s crypto landscape.

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