Transformasi digital di era Web3 telah mengubah paradigma kepemilikan dan distribusi karya intelektual, terutama melalui kemunculan teknologi blockchain dan Non-Fungible Token (NFT). NFT menawarkan peluang baru bagi kreator untuk memperoleh nilai ekonomi langsung dari karya digital tanpa perantara, sehingga menantang sistem distribusi konvensional. Namun, di balik potensi tersebut, terdapat berbagai persoalan mendasar terkait regulasi, literasi digital, dan ketimpangan akses teknologi yang menghambat perkembangan ekosistem ekonomi kreatif di Indonesia. Penelitian ini bertujuan untuk menganalisis dinamika ekonomi politik kekayaan intelektual digital di era NFT dengan menyoroti relasi antara kekuasaan, kebijakan publik, dan struktur pasar global. Metode penelitian menggunakan pendekatan kualitatif-deskriptif melalui studi literatur sistematis terhadap publikasi akademik dan dokumen kebijakan nasional periode 2022–2025. Hasil penelitian menunjukkan bahwa absennya regulasi formal dan lemahnya sistem perlindungan kekayaan intelektual digital memperlemah posisi tawar kreator lokal di tengah dominasi platform global. Analisis ekonomi politik media menunjukkan bahwa struktur kepemilikan digital masih dikuasai oleh kekuatan pasar transnasional, sehingga menimbulkan ketimpangan distribusi nilai. Penelitian ini menegaskan pentingnya kebijakan yang integratif antara hukum kekayaan intelektual, inovasi blockchain, dan pemberdayaan kreator lokal agar transformasi ekonomi digital di Indonesia dapat berjalan inklusif, berkeadilan, dan berkelanjutan.
Penelitian ini bertujuan untuk menganalisis dan membandingkan kinerja investasi Bitcoin, Ethereum, emas, dan Indeks LQ45 selama periode 2020-2024 dilihat dari sisi return, risiko, dan rasio Sharpe. Data yang digunakan merupakan harga penutupan bulanan yang diperoleh dari situs resmi investing.com. Metode analisis yang digunakan yaitu uji ANOVA dilanjutkan dengan uji lanjut post-hoc Tamhane’s T2 dan Tukey HSD. Hasil penelitian menunjukkan bahwa secara agregat terdapat perbedaan return antar instrumen, namun perbedaan tersebut tidak signifikan secara statistik pada uji post-hoc. Risiko merupakan pembeda utama dalam perbandingan keempat instrumen, dengan Ethereum sebagai aset paling berisiko, disusul oleh Bitcoin, Indeks LQ45, dan emas sebagai aset paling stabil. Pada rasio Sharpe, hanya terdapat perbedaan antara aset Bitcoin dan Ethereum dengan Indeks LQ45, di mana Bitcoin dan Ethereum menunjukkan efisiensi kinerja lebih baik dalam menghasilkan return terhadap risiko dibanding Indeks LQ45.
This study aims to analyze the implementation of smart contracts in digital business practices and to assess their legal certainty from a civil law perspective. This research employs a normative legal research method using statutory and conceptual approaches, focusing on the Indonesian Civil Code, the Law on Electronic Information and Transactions, and the Law on Financial Sector Development and Strengthening. The findings indicate that smart contracts can be legally recognized as valid agreements provided they fulfill the essential requirements of contract validity, namely consent, legal capacity, a specific object, and a lawful cause. However, the automated and code-based nature of smart contracts poses challenges in interpreting the parties’ intent, verifying legal capacity, and determining lawful cause. Therefore, stronger regulatory frameworks and hybrid contract models are necessary to ensure legal certainty for smart contracts in Indonesia.
Muhammad Abduh Tuasikal, Jaih Mubarak, Ibdalsyah, Yulizar Djamaluddin Sanrego
The rapid growth of cryptocurrency investors in Indonesia has sparked debates about its legal status within Islamic jurisprudence. A key focus is the extreme price volatility of cryptocurrencies and whether this should be classified as gharar (excessive uncertainty) or simply as market risk. This study utilizes a normative-legal and doctrinal approach to differentiate between volatility, an inherent characteristic of modern financial instruments, and gharar, a prohibited element in Islamic contracts. The primary data for this research is sourced from classical fiqh texts and contemporary fatwas, while secondary data includes regulations and indexed academic studies on financial volatility. The findings indicate that although cryptocurrencies display higher volatility compared to stocks and gold, not all fluctuations can be classified as gharar fāḥish (excessive uncertainty). Instead, volatility should be viewed as market risk (al-ghurm), which is measurable, manageable, and tolerable under Islamic law, provided that transparency and risk-sharing mechanisms are in place. The study concludes that cryptocurrencies can be considered lawful property under Islamic law when they are free from ribā (usury), maysir (gambling), and excessive gharar, thereby providing a solid foundation for issuing fatwas and designing regulations.
Arka Atyanta, Prosawita Ririh Kusumasari, Argya Basanta
Perkembangan pesat teknologi digital telah melahirkan bentuk kekayaan baru berupa aset digital, seperti cryptocurrency dan Non-Fungible Token (NFT), yang memiliki nilai ekonomi tinggi namun tidak berwujud secara fisik. Fenomena ini menimbulkan tantangan bagi sistem hukum pidana Indonesia, khususnya dalam menerapkan Pasal 362 KUHP tentang pencurian yang menggunakan istilah "barang" sebagai unsur utama. Pasal tersebut masih dimaknai secara klasik sebagai benda berwujud, sehingga menimbulkan kekosongan hukum dalam melindungi kepemilikan aset digital. Penelitian ini bertujuan untuk menelaah kemungkinan perluasan makna "barang" agar dapat mencakup aset digital melalui pendekatan hukum pidana progresif, teori kepemilikan digital, dekonstruksi hukum, serta perbandingan hukum dari beberapa negara. Dengan metode yuridis normatif dan spesifikasi deskriptif-analitis, penelitian ini menemukan bahwa pendekatan legalistik konvensional sudah tidak memadai dalam menghadapi kejahatan digital. Oleh karena itu, diperlukan interpretasi ulang terhadap Pasal 362 KUHP yang mampu mengakomodasi realitas ekonomi digital, tanpa mengabaikan prinsip legalitas. Penelitian ini diharapkan dapat berkontribusi pada pengembangan hukum pidana Indonesia yang adaptif dan responsif terhadap tantangan era digital, serta memberikan perlindungan hukum yang adil dan seimbang bagi seluruh jenis kekayaan, baik fisik maupun digital.
Gamitra Anwar, Sholahuddin Al-Fatih, Sofyan Noor Arief
This study analyzes the fundamental regulatory disharmony concerning Non-Fungible Tokens (NFTs) and smart contracts within the Indonesian Civil Law system. The root of the problem is identified as a rechtsvacuüm (legal vacuum) and the "ontological silence" of the Indonesian Civil Code (KUHPerdata), which fails to provide a definitive property status (zaak) for digital assets. This failure of the lex generalis triggers a "Regulatory Trilemma," wherein the status of NFTs is fragmented among the commodity regime (Bappebti), property law (KUHPerdata), and Intellectual Property Rights (Copyright Law). This normative-juridical research finds that such disharmony creates a domino effect in two realms. First, it threatens the substantive validity of smart contracts regarding the objective requirement of "a certain subject matter" (Article 1320 of the KUHPerdata) and confronts the adage 'code is law' with the principle of "good faith" (Article 1338 of the KUHPerdata). Second, the potential of NFTs as objects of fiduciary guarantee (UUJF) becomes practically paralyzed due to fundamental obstacles in valuation, registration (centralization vs. decentralization), and execution (private keys). Through a comparative law approach utilizing the Singaporean ruling of Janesh v. Chefpierre, this study recommends the adoption of "functional reasoning" through judicial rechtsvinding and legislative reform of the KUHPerdata to fill the legal void.
Ridwan Yusuf, Andreas Perdana, Febri Sugandi, Untoro Apsiswanto
Pada periode 2024-2025, pertemuan antara Large Language Model dan teknologi blockchain melahirkan kelas perangkat lunak baru yang disebut AI Agent on-chain, perangkat lunak otonom yang menerjemahkan tujuan pengguna menjadi rangkaian transaksi Decentralized Finance dan menandatanganinya tanpa intervensi manusia. Adopsi yang berlangsung cepat memperlihatkan tiga celah konseptual yang belum terjawab: kompleksitas alur eksekusi multi-langkah pada DeFi, lansekap kerentanan yang khas LLM seperti indirect prompt injection dan jailbreak yang berimplikasi langsung pada aset finansial, dan ketiadaan kerangka tata kelola yang akuntabel pada ekosistem yang terdesentralisasi. Kajian ini menyintesis 34 publikasi terverifikasi dari basis data Zotero ke dalam empat tema yang saling terkait: arsitektur agen dan kolaborasi multi-agen, manajemen kunci pada agentic wallet, lansekap ancaman keamanan, serta peran blockchain sebagai trust layer. Temuan kunci yang muncul adalah bahwa pertahanan yang hanya bertumpu pada lapisan bahasa terbukti tidak memadai; kontrol pada lapisan tindakan, melalui kebijakan yang dinamis, isolasi enclave, atau secret sharing multi-pihak, menjadi prasyarat ketika konsekuensi finansial bersifat permanen. Kontribusi yang diajukan mencakup taksonomi vektor ancaman per lapis arsitektur, kerangka pertahanan tiga-lapis hibrid, serta agenda riset masa depan dengan lima arah konkret.
Mila Dwi Rahmatya, Mohd Syahiran Abdul Latif, Mohd Hapiz Mahaiyadin, Mohd Sirajuddin Siswadi Putera Mohamed Shith
Decentralized Exchanges (DEX) powered by immutable and automated smart contracts have revolutionized cryptocurrency trading by eliminating intermediaries. However, the alignment of their mechanisms with Islamic principles of sale and purchase remains unclear. This study conducted a qualitative analysis to assess the sharia compliance of DEXs. This research examines the conformity of DEX trading mechanisms with sharia principles by utilizing content and normative analysis of classical and contemporary Islamic finance literature alongside DEX-related articles, white papers, and industry reports. The findings reveal critical areas of non-compliance, particularly concerning contracting parties ('aqīd) and subject matter (mabī'). DEXs lack mechanisms to verify the legal capacity of transacting parties, potentially enabling involvement from individuals deemed incompetent under sharia. Cryptocurrencies as a medium of exchange also raise concerns because of their ambiguous nature as commodities or currencies, potentially leading to gharar (uncertainty) and ḍarar (harm). While certain aspects, such as the clarity of offer and acceptance (ijāb wa qabūl) through smart contracts and specific traded assets, such as certain tokens and NFTs, might align with sharia, the overall risks associated with speculation and inherent uncertainties necessitate caution. This study recommends that Muslims approach DEXs with caution until clear guidelines and sharia-compliant platforms are established. Furthermore, increased scrutiny from Islamic scholars and regulatory bodies is crucial for ensuring this rapidly evolving technology's ethical and compliant development. Abstrak Decentralized Exchanges (DEX) yang didukung oleh smart contracts telah mengubah perdagangan mata uang kripto dengan menghilangkan peran perantara. Namun, kesesuaian mekanisme DEX dengan prinsip jual beli dalam Islam masih menjadi perdebatan. Studi ini melakukan analisis kualitatif untuk menilai kepatuhan DEX terhadap syariah. Metode analisis konten dan normatif digunakan berdasarkan literatur keuangan Islam klasik dan kontemporer, serta artikel, white papers, dan laporan industri terkait DEX. Hasil penelitian menunjukkan beberapa aspek kritis yang tidak sesuai dengan syariah, terutama terkait pihak yang berkontrak ('aqīd) dan objek akad (mabī'). DEX tidak memiliki mekanisme untuk memverifikasi kapasitas hukum pihak yang bertransaksi, sehingga berpotensi melibatkan individu yang tidak kompeten menurut syariah. Selain itu, status mata uang kripto sebagai alat tukar menimbulkan ketidakpastian terkait posisinya sebagai komoditas atau mata uang, yang dapat mengakibatkan gharar (ketidakpastian) dan ḍarar (kerugian). Meski beberapa aspek seperti penawaran dan penerimaan (ijāb wa qabūl) melalui smart contracts sesuai syariah, risiko spekulasi tetap tinggi. Oleh karena itu, studi ini merekomendasikan kehati-hatian bagi umat Muslim dalam menggunakan DEX hingga panduan syariah yang lebih jelas tersedia, serta pengawasan ulama dan regulator yang lebih ketat diperlukan.
Ossama Billy Ibrahim, Muhammad Khoirul Abror, Nur Aisyah, Putri Noer Rahmawati · 5 authors
The phenomenon of Non-Fungible Token (NFT) trading has grown rapidly and has emerged as a promising new digital economic instrument. However, this development is accompanied by an increasing prevalence of scams within the NFT ecosystem, such as rug pulls, phishing, replay attacks, and falsified copyright claims over digital works. Indonesia currently lacks a regulatory framework that specifically governs NFT transactions or provides legal protection for consumers participating in them. This study aims to classify the various forms of NFT scams based on their juridical and technological characteristics, and to assess the adequacy of existing legal instruments in Indonesia, including criminal fraud provisions, consumer protection laws, electronic transaction regulations, and intellectual property rights. The research employs normative legal methods, focusing on statutory and conceptual approaches, as well as an examination of global practices in digital asset regulation. The analysis reveals a regulatory gap, particularly concerning marketplace liability, smart contract due diligence mechanisms, and cross-jurisdictional law enforcement. Therefore, the establishment of a specific regulatory framework that is risk-based, technologically adaptive, and oriented toward digital consumer protection is necessary.
Hau Vasio Sarmento Soares, Sundaru Guntur Wibowo, Syahrul Anwar
This study analyzes the legal framework of Non-Fungible Token (NFT)-based digital vaccine certificates in the context of digital free trade, focusing on security, privacy, and international recognition. Using normative and comparative legal research methods with a multidisciplinary approach, the study integrates perspectives from law, digital technology, and international policy. The study examines three main aspects: first, security, evaluating how NFTs ensure authenticity, data integrity, and protection against manipulation through encryption, blockchain, and smart contracts; second, privacy, analyzing how personal data and the privacy rights of certificate holders are protected under national and international regulations, emphasizing data minimization, user consent, and secure access; and third, international recognition, assessing the extent to which NFT-based certificates can be recognized globally, highlighting regulatory harmonization and legal barriers. The findings indicate that NFT-based vaccine certificates provide strong technical security and privacy protection, but legal recognition across jurisdictions remains inconsistent. The study concludes that while NFTs have significant potential to facilitate secure and verifiable digital health credentials in global trade, harmonization of national and international regulations and the implementation of legal standards are crucial to ensure their effectiveness and legal validity worldwide.
The development of digital technology has enabled the emergence of Non-Fungible Tokens (NFTs) as digitally authenticated assets recorded on blockchain networks, including their use in representing ownership of digital land within metaverse ecosystems. However, Indonesia has not yet formulated explicit regulatory provisions governing the legal classification of NFTs, the scope of supervisory authority, or the standards for consumer protection. This regulatory absence results in legal ambiguity regarding the placement of NFTs within the framework of Financial Sector Technology Innovation (ITSK) under Law No. 4 of 2023, and simultaneously presents risks to consumers, including fraud, data misuse, loss of access to digital assets, and a lack of clear accountability mechanisms on NFT platforms. This research examines the legal status of NFTs in relation to ITSK and analyzes the adequacy of current consumer protection measures in NFT-based digital land transactions. Through a normative juridical method, the study finds that NFTs have not been formally classified within ITSK, nor assigned to a definitive supervisory authority, whether OJK or Bappebti. As such, consumer protection remains reliant on general norms under Law No. 8 of 1999, which are insufficient to address the specific risks inherent in NFT transactions. This research recommends the issuance of derivative regulations by OJK and/or Bappebti to clarify NFT classification, establish platform obligations, and strengthen consumer protection.
Materi Crypto Assets dalam Decentralized Finance (DeFi) ini disampaikan dalam Rapat Pleno Majelis Tarjih dan Tajdid Pimpinan Pusat Muhammadiyah yang diselenggarakan di Yogyakarta pada 14 Desember 2025. Paparan ini bertujuan memberikan landasan konseptual dan analitis yang jernih mengenai aset kripto dalam perspektif teknologi, ekonomi, dan hukum, sebagai bahan pertimbangan ilmiah dalam proses tarjih dan ijtihad institusional. Pembahasan difokuskan pada klarifikasi kedudukan aset kripto sebagai aset digital, bukan sebagai alat pembayaran yang diterbitkan negara, serta penjelasan mengenai mekanisme kerja blockchain dan smart contract sebagai fondasi utama ekosistem DeFi. Materi ini menyoroti bagaimana aset kripto memperoleh nilai dari fungsi, manfaat, kelangkaan, dan kepercayaan pengguna, sekaligus membedakannya dari praktik spekulatif murni yang tidak memiliki underlying value. Selain itu, disampaikan pula pemetaan jenis-jenis aset kripto—termasuk cryptocurrency, stablecoin, utility token, security token, governance token, NFT, dan Real World Asset (RWA) token—beserta contoh penerapan nyatanya dalam sektor keuangan, industri kreatif, dan layanan publik. Paparan ini juga mengkaji risiko inheren aset kripto, seperti volatilitas, risiko teknologi, dan potensi penyalahgunaan, sehingga menegaskan pentingnya prinsip kehati-hatian, literasi, dan tata kelola. Materi ini mengaitkan perkembangan aset kripto dengan kerangka regulasi nasional, khususnya Peraturan Otoritas Jasa Keuangan Nomor 27 Tahun 2024, untuk menunjukkan bahwa aset kripto telah berada dalam rezim pengaturan resmi. Dengan demikian, materi ini diharapkan menjadi rujukan objektif dan proporsional bagi Majelis Tarjih dan Tajdid dalam merumuskan sikap, pandangan keagamaan, dan rekomendasi kebijakan yang berbasis ilmu pengetahuan serta kemaslahatan umat.
Sony Hartono, Roby Syaiful Ubed, Riko Riandoko, Irfan Nabhani
The fair value assessment of Bitcoin has become a pivotal concern in contemporary finance because to its significant volatility, constrained supply, and increasing institutional acceptance. In contrast to conventional assets influenced by cash flows, Bitcoin's value is determined by scarcity, community trust, network utility, and regulatory considerations. This research utilizes a qualitative grounded theory methodology by examining interviews and podcasts featuring prominent Indonesian cryptocurrency specialists. Coding analysis identifies four fundamental paradigms: legitimacy and decentralization as value sources, regulation and market infrastructure as value determinants, speculative risk and centralization as value detractors, and investment strategies and price cycles as moderating influences. Research indicates that Bitcoin's fair value depends on value base, value transfer, risk discount, and investor strategy. The research underscores the imperative for unconventional valuation models that incorporate on-chain data, regulatory frameworks, and market dynamics to improve transparency, accountability, and confidence in the digital financial ecosystem.
This study examines the legal validity of contracts generated by AI-based smart contract generators from the perspective of Indonesian civil law, in comparison with French law. The background lies in the development of Society 5.0, the use of blockchain and AI in contract drafting, and the absence of specific regulations on smart contracts and generators in Indonesia. This research analyses contracts produced by smart contract generators, the legal framework governing the use of smart contract generators in contract formation in Indonesia and France, and the implications of this comparative analysis for strengthening legal certainty regarding smart contract generators in Indonesia. The study is a normative juridical research using statutory and comparative approaches, relying on primary legal materials, namely the Indonesian Civil Code, the Electronic Information and Transactions Act, the French Civil Code and AI regulations, as well as secondary materials on smart contracts, blockchain, and AI. The results show that contracts generated by such tools have the characteristics of automation, immutability, transparency, security, and decentralisation, but from a legal standpoint must still satisfy the general requirements for a valid agreement. In Indonesia, smart contracts can in principle be classified as electronic contracts insofar as they comply with Article 1320 of the French Civil Code, while the generator is viewed merely as a tool owned by the parties, with legal responsibility placed on users and a remaining regulatory gap on technical aspects. In France, smart contracts generated by AI are assessed under the general rules of contract law but are reinforced by the explicit recognition of DLT in financial law and a more developed AI supervision framework. Based on these findings, the study concludes that Indonesia needs to strengthen its national framework through explicit recognition of the contractual function of smart contracts, the adoption of technical standards and liability rules for generator providers, and the development of judicial and sectoral guidelines to ensure legal certainty and protect weaker parties.
Digital assets such as cryptocurrency, social media accounts, NFTs (Non-Fungible Tokens), and other types of virtual ownership have emerged as a result of rapid technological advances. This phenomenon raises new issues in Islamic inheritance law in Indonesia, particularly regarding the status, inheritance procedures, and security of assets. This research method uses a normative juridical approach with a legislative and conceptual approach. The study utilizes primary legal sources from legislation, hadith, and the Quran, as well as secondary legal sources from literature reviews. The objective of this research is to evaluate the status of digital assets as inheritable property from an Islamic legal perspective and to determine their legal certainty within the Islamic inheritance system in Indonesia. The results of the study indicate that digital assets, which have economic value, can be inherited according to Islamic law. Highlighting the absence of regulations, technical challenges in access and security, and the need for harmonization between Sharia law and technological developments, despite the detailed regulation of principles of justice and transparency in Islamic inheritance law, the implementation of digital asset distribution is still hindered by the absence of clear legal mechanisms and operational standards for the inheritance of digital assets. To achieve justice and avoid disputes among heirs, there is a need to strengthen regulations, promote Sharia digital literacy education, and foster collaboration between the government, religious scholars, and technology practitioners.
Penelitian ini bertujuan untuk menganalisis konsep al-milkiyyah (kepemilikan) terhadap aset digital Non-Fungible Token (NFT) dalam perspektif Ushul Fiqh. Fokus kajian ini adalah menentukan status hukum kepemilikan serta keabsahan transaksi NFT dalam konteks hukum Islam kontemporer. Penelitian ini menggunakan metode hukum normatif dengan pendekatan konseptual, normatif, dan sektoral. Data dikumpulkan melalui studi pustaka terhadap literatur fikih klasik, fatwa ulama kontemporer, serta analisis terhadap karakteristik teknologi blockchain. Data sekunder yang diperoleh dianalisis secara kualitatif dan komparatif untuk mengkaji kesesuaian NFT dengan kriteria harta (mal) dalam fikih muamalah. Hasil penelitian menunjukkan bahwa NFT dapat dikategorikan sebagai harta yang sah secara hukum menurut sebagian ulama kontemporer karena memiliki nilai ekonomi, manfaat yang diakui pasar, dan dapat dimiliki secara eksklusif walaupun tidak berwujud fisik. Namun demikian, keabsahan transaksi NFT bersifat bersyarat. Transaksi dinilai sah apabila objek NFT halal, bebas dari unsur gharar (ketidakjelasan) dan maysir (perjudian), serta menggunakan alat pembayaran yang sesuai prinsip syariah. Penggunaan mata uang kripto yang tidak memenuhi ketentuan syariah dapat membatalkan transaksi. Dengan demikian, NFT dapat diakui sebagai bentuk kepemilikan modern dalam Islam dengan tetap memperhatikan prinsip kehati-hatian, perlindungan harta (hifzh al-māl), dan pencegahan kerusakan (mafsadah). Kata Kunci: Al-milkiyyah; Kepemilikan; NFT; Ushul Fiqh; Fikih Muamalah; Aset Digital
The advancement of digital technology has transformed access to information and creativity, enabling widespread distribution of digital works. However, this ease of access has led to significant challenges in enforcing Intellectual Property Rights (IPR), particularly in Indonesia, where legal frameworks like Law Number 28 of 2014 on Copyright and Law Number 1 of 2024 concerning the Second Amendment to Law Number 11 of 2008 concerning Electronic Information and Transactions are tested by rampant digital infringements. This study examines the adequacy of existing Indonesian legal frameworks in protecting IPR in the digital era, focusing on gaps in enforcement and regulatory adaptation to emerging technologies such as streaming platforms and Non-Fungible Tokens (NFTs). Using a normative juridical method, this research analyzes relevant statutes, case law, and legal doctrines to assess their effectiveness in addressing digital IPR violations. The findings reveal that while Indonesia has a robust legal foundation, enforcement remains weak due to limited public awareness and inadequate mechanisms for addressing digital-specific infringements. This study emphasizes the need for regulatory reform, enhanced enforcement mechanisms, and targeted education to strengthen IPR protection, fostering innovation and economic competitiveness in Indonesia’s digital landscape.
The development of blockchain technology has given rise to new innovations in the form of smart contracts, which are widely used in digital asset transactions, including Non-Fungible Tokens (NFTs). One case that highlights this phenomenon is Ghozali Everyday, where smart contracts play a crucial role in regulating the buying and selling of NFTs. However, the implementation of smart contracts in Indonesia faces legal challenges, particularly regarding the use of cryptocurrency as a payment instrument, which is still prohibited by Bank Indonesia regulations, even though electronic contracts are recognized as valid by the ITE Law. This study uses a normative juridical method with a legislative and conceptual approach. The analysis is conducted using Hans Kelsen's Hierarchy of Norms theory and Gustav Radbruch's Legal Validity theory to assess legal certainty, fairness, and utility in regulating smart contracts and cryptocurrencies in Indonesia. The results show a conflict of norms that creates legal uncertainty and limited legal protection for digital asset transaction actors. Therefore, regulatory updates are needed that are adaptive, consistent with the hierarchy of laws and regulations, and provide more comprehensive protection for consumers and businesses.
The rapid expansion of Indonesia’s digital financial ecosystem has significantly advanced financial inclusion and innovation through the growth of fintech platforms, digital payments, and crypto-asset adoption. However, this transformation introduces multifaceted risks, including cyber threats, data breaches, digital fraud, regulatory uncertainty, and money-laundering vulnerabilities associated with crypto-assets and decentralized finance. This study employs a systematic literature review to examine the challenges and innovations in digital financial risk control within Indonesia’s fintech and digital asset sectors. Findings indicate that effective risk mitigation relies heavily on regulatory coordination, advanced supervisory technology, consumer digital literacy, and robust data protection practices. RegTech and SupTech innovations powered by artificial intelligence support real-time risk monitoring and enhance compliance with global standards such as FATF recommendations. Nevertheless, successful digital financial governance also requires algorithmic accountability and ethical technology deployment. This study underscores that safeguarding stability, trust, and consumer protection is essential to achieving a secure and inclusive digital financial system while enabling responsible innovation.
This research aims to analyze the readiness of Indonesia’s legal framework to accommodate Non-Fungible Tokens (NFTs) as fiduciary collateral objects and to identify the potential obstacles in their execution process. NFTs are digital assets based on blockchain technology that possess unique characteristics and economic value, theoretically fulfilling the criteria of intangible objects under Law Number 42 of 1999 concerning Fiduciary Collateral. However, the current legal instruments in Indonesia have not yet explicitly recognized NFTs as eligible fiduciary objects. This study employs a normative juridical method with both statutory and case approaches, supported by secondary data derived from an interview with the Direktorat Jenderal Administrasi Hukum Umum (Ditjen AHU) to enrich the legal analysis. The findings indicate that Indonesia’s regulatory readiness regarding NFTs as fiduciary collateral remains conceptual rather than operational. The absence of a registration mechanism and valuation system for digital assets creates significant legal uncertainty for both creditors and debtors. Furthermore, the execution of NFTs presents additional challenges, including the dependence on private keys, the incompatibility of automatic smart contract transfers with the due process of law principle, and the speculative volatility of NFT market values. Therefore, the study suggests the need for new legal norms and an authorized digital asset valuation institution to ensure that NFTs can be effectively and lawfully integrated into Indonesia’s fiduciary security system. Non-Fungible Token, Fiduciary Collateral, Collateral Execution, Intangible Assets
Muhammad Ilman Abidin, Ahmad M. Ramli, Laina Rafianti, Gautam Kumar Jha
Investment in Non-Fungible Tokens (NFTs) is rapidly emerging in Indonesia, presenting both opportunities and challenges for the digital creative industry. As unique crypto assets, NFTs enable new ways to own and trade digital and physical goods, but current regulations, including the Commodity Futures Trading Law and Bappebti guidelines, do not fully address these transactions, creating legal gaps and increasing risks of fraud, money laundering, and market manipulation. Despite this, NFT communities like the Superlative Secret Society in Bali, supported by the Ministry of Creative Economy, have fostered creativity and economic activity. This study employs a normative juridical and comparative law approach to explore legal theories suitable for protecting NFT investments, finding that frameworks based on Ahmad M. Ramli’s transformative law and Mochtar Kusumaatmadja’s developmental law can ensure legal certainty, security, and fairness. The study concludes that comprehensive legal reforms are essential to safeguard investors and sustain the growth and international competitiveness of Indonesia’s digital creative industry.
Muhammad Ilman Abidin, Ahmad M. Ramli, Laina Rafianti
Non-Fungible Tokens (NFTs) have emerged as a transformative component of Indonesia’s digital economy, enabling new forms of value creation in art, culture and finance. However, the current regulatory framework remains fragmented, with overlapping responsibilities across financial, intellectual property, trade and digital communications authorities. This research adopts a combined normative juridical analysis (de lege lata) and institutional impact assessment (de lege ferenda), supported by comparative study of global regulatory approaches. The findings demonstrate that existing Indonesian regulations do not sufficiently address the unique characteristics of NFTs, particularly their hybrid nature as digital property, investment assets and instruments of electronic commerce. Additional challenges arise from cross-border transactions, decentralized autonomous organizations (DAOs) and the absence of clear enforcement mechanisms. To overcome these gaps, the study proposes a phased regulatory roadmap: in the short term, a joint decree among relevant ministries and agencies; in the medium term, a dedicated coordination desk under a coordinating ministry; and in the long term, the establishment of a specialized NFT authority. This staged approach balances flexibility with institutional strength, providing legal certainty, investor and creator protection, and alignment with international best practices. Ultimately, Indonesia can leverage NFT governance not only as a domestic legal innovation but also as a strategic opportunity to position itself as a regional hub for digital asset regulation in Southeast Asia.
This study aims to: (1) examine the legal aspects of smart contracts in the Indonesian legal system and propose adaptations to existing laws and regulations to suit the characteristics of smart contract technology; (2) identify normative and implementative challenges in the legal adaptation process, such as normative gaps and the lack of a standard framework; and (3) formulate the direction of legal reform needed to form responsive and contextual smart contract regulations. Unlike previous studies which are generally descriptive and technological in nature, this study provides a legal contribution by mapping gaps in national contract law and presenting a comparative analysis as a basis for formulating a smart contract regulation model in Indonesia. This research uses a juridical-normative and empirical-qualitative approach, with a doctrinal legal analysis of the legislation, legal literature study, and in-depth interviews with legal practitioners and technology actors. The main findings of this research indicate that there is no legal framework that explicitly regulates the validity and execution of smart contracts, which creates legal uncertainty. Therefore, it is recommended that the principle of freedom of contract in the Civil Code be expanded to include digital contracts that are executed automatically. In addition, special regulations are needed in the form of derivative regulations or technical guidelines that bridge blockchain technology with national civil law principles. The practical contribution of this research is to provide a starting point for policymakers and academics in designing smart contract regulations in Indonesia that are comprehensive and responsive to technological developments, so that they can provide legal certainty while supporting digital innovation.