The Indonesian government is reportedly planning to impose a 0.1% capital gains tax on crypto investments and value-added tax (VAT) on digital asset transactions. The proposed implementation date is 1 May 2022. The basis for the implementation of the new taxes is reportedly the classification of digital assets as a commodity rather than a currency by the Indonesian tax office. The government is reported to be working on how to implement the taxes, although legislation passed in Indonesia in response to the pandemic reportedly laid the foundations for collecting revenue on cryptocurrency transactions. According to the Indonesian Commodity Futures Trading Regulatory Agency, crypto transactions worth 83.8 trillion rupiah (around US$5.8 billion) were conducted in the country in February 2022.