Taxation and Trading Activity in Digital Asset Markets: Evidence from Indonesia's Cryptocurrency Tax Reform

Authors

  • Sofa Sonya Fajariena Department of Business and Hospitality, Faculty of Vocational Studies, Universitas Brawijaya
  • Kusairi Kusairi Department of Business and Hospitality, Faculty of Vocational Studies, Universitas Brawijaya
  • Eko Prasetyo Department of Business and Hospitality, Faculty of Vocational Studies, Universitas Brawijaya
  • Arif Widyatama Department of Business and Hospitality, Faculty of Vocational Studies, Universitas Brawijaya

DOI:

https://doi.org/10.26905/jrei.v7i2.17825

Keywords:

Cryptocurrency taxation, Digital asset markets, Emerging markets, Investor behavior, Regulatory intervention, Tax policy, Trading volume

Abstract

This study investigates the impact of cryptocurrency taxation on trading activity in Indonesia following the implementation of Ministry of Finance Regulation No. 68/2022, which introduced Value Added Tax (VAT) and Income Tax on crypto asset transactions. Drawing on Signaling Theory and Behavioral Finance perspectives, the study examines whether taxation functions as a regulatory mechanism that influences market participation. Using a quantitative ex post facto design, monthly data on cryptocurrency transaction volumes from January 2021 to August 2023 were analyzed, with Bitcoin price included as a control variable. Descriptive statistics, normality testing, and multiple regression analysis were employed to evaluate the relationship between taxation and trading activity. The findings reveal that the tax regulation exerts a significant negative effect on cryptocurrency transaction volumes, while Bitcoin price does not significantly influence local market activity. These results suggest that regulatory costs play a more prominent role than global price dynamics in shaping investor behavior. The study contributes to the emerging literature on digital asset taxation and provides policy insights for balancing fiscal objectives, market development, and investor participation in emerging economies.

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Published

2026-08-18

Issue

Vol. 7 No. 2 (2026): Agustus 2026

Section

Articles

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