Non-Fungible Tokens and the Metaverse using Cryptocurrency in Indonesia: Money Laundering Potential and Challenges

Abstract

The advance of Information Technology is closely related to and has a direct impact on the development of people’s lives. One of the real technological advancements that plays a major role in creating evolution in the community life order is Internet progress. As time passes, the internet world continues to experience rapid development, such as Metaverse, Non-Fungible Tokens (NFTs), and Cryptocurrency. Meanwhile, the change of regulations and legal products that are not as fast as the advance of the internet and the business world raises their abuse potential as means of Money Laundering Crime. The research method used was normative juridical with analytical descriptive research specifications. Metaverse, NFTs, and Cryptocurrency are relatively new phenomena in this globalization era. The lack of regulation and the high volatility of price characteristics that are strongly influenced by public interest make them potential as means to hide or disguise the origin of assets from criminal acts. So, this research was conducted to analyse the potential use of Metaverse and Non-Fungible Tokens as means of money laundering.