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How would the regulation of cryptocurrencies help the country?
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If we talk about Indonesia they are just implementing the tax system for crypto assets. They don't let using cryptocurrencies as currencies, they see it as a commodity. So they can take some piece of entire cake of crypto, but all advantages can be reached only with looser legislation.
But
just 0.1% of VAT and 0.1% on capital gains is rather soft tax system for crypto comparing with some other countries so I think Indonesia can attract some crypto investours with that.
the percentage of tax that will be applied is very low when compared to other Asian countries such as India which imposes 30%. so maybe people in that country won't protest this tax problem. but the fact that crypto is only seen as an asset is also important. it looks like the country wants to regulate crypto without having any desire to adopt it as a currency.