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Disclaimer: Information shared is based on objective research SeaDEX team done in general. Data included in this article is based on the current timeline, and in the future obviously will change.
Regulation and cryptocurrency are two things that cannot be separated when discussing security and investor interest.
Regulation can have both positive and negative effects. One example of the negative impact is that regulations that prohibit exchange operations or limit the energy miners can use will limit the number of people who can access and utilise cryptocurrencies. A positive effect of regulation gives crypto more legitimacy, which drives the growth of cryptocurrencies.
Some tax departments charge a capital gains tax of 10%-20% on any profits made from trading crypto. Meanwhile, in Indonesia, Bappebti imposes a crypto tax of 0.21%. A good response came from investors because it was considered a positive signal from the government and could strengthen the legitimacy of crypto in Indonesia.
Several regulations prevent and prohibit the public from buying cryptocurrencies. However, this regulation is considered ineffective because, in fact, investors are still trading crypto even though their country prohibits crypto trading. One example is China.
Seeing that direct regulation does not have much impact on cryptocurrencies, regulators try to regulate indirectly by creating digital currencies with crypto technology but under centralized supervision, namely the Central Bank Digital Currency (CBDC), a digital currency that is somewhat similar to cryptocurrencies, but CBDC not transparent and controlled by regulators or centralized government.
Regulation is considered essential and not significant at the same time. Important because it is felt to provide legitimacy. It is not crucial because even though regulations have been made (in certain countries), investors consider regulation a challenge, not the end point of crypto growth.
Indonesia is a country that we are developing before going to Southeast Asia. In our newest Roadmap, we were already preparing for a regional community launch and interviewing candidates from Southeast Asia. We have prepared several other strategies to enter the Southeast Asia market, which is the SeaDEX launchpad and stablecoin integration & development.
