According to reports, the Indonesian government will impose a 0.1% capital gain tax on crypto investment and a VAT on value-added transactions on digital assets starting May 1.

According to a Friday Reuters report, Hestu Yoga Saksama, a spokesperson for Indonesia’s tax office, the country will be imposing “income tax and VAT” on crypto assets “because they are a commodity as defined by the Trade Ministry” and “not a currency.” The government is still reportedly considering how to implement such taxes, but legislation passed in response to the pandemic laid the groundwork for collecting revenue on cryptocurrency transactions.