The Non-Fungible Token was first published in 2014, but studies exploring accounting and regulatory considerations regarding Non-Fungible Token are still limited, especially in Indonesia. This study aims to uncover opportunities, challenges, regulations, and accounting considerations in Non-Fungible Token. The research method used is qualitative research with a literature review approach. The data was collected from four databases to search for papers published from 2018 to 2022 with the help of Publish or Perish, and Mendeley software. The data analysis technique was carried out by following the analytical procedure of Miles & Huberman (1994), and using Vos Viewer software to map and visualize the themes. The results of the mapping based on the determined keywords described the relationship between Non-Fungible Token and various aspects. Non-Fungible Token has potential prospects in the future, but also has an impact that cannot be ignored. Strong regulation enable to reduce the negative skepticism and impact towards Non-Fungible Token
Dalam dunia Metaverse, diperkenalkan aset atau benda yang hampir sama dengan aset atau benda yuang berada dalam dunia nyata. Non-Fungible Token atau yang sering disebut dengan NFT yang merupakan sebuah token digital yang ditautkan dengan sistem besar Blockchain, yang dapat diperdagangkan. Sebagai obyek yang dapat diperdagangkan, maka perlu dicermati sifat kebendaan dari NFT dari sisi hukum perdata. Hal ini berguna untuk menentukan proses peralihan kepemilikan dari NFT itu sendiri. Di sisi lain tiudak semua negara sudah memiliki ketentuan yang mengatur mengenai aset digital. Unidroit Principles on Digital Assets and Private Law memberikan petunjuk dalam mengatur mengenai kepemilikan aset digital yang dilihat dari sisi hukum perdata.
Recently, conventional art assets and those in the form of NFTs have experienced significant price increases. The purpose of this research is to raise the NFT phenomenon in art activities in Indonesia. Researchers used qualitative methods with an emphasis on observation and literature studies to obtain data. The research results show that the NFT market has the potential to be a place of various scams. Then, as NFT creators, artists are only given tantalizing images, especially those related to the metaverse. Meanwhile, NFT in the near future cannot replace conventional works of art. In conclusion, NFT is beneficial for artists, but the challenge is that metaverse developers must provide a creative medium that is safer from fraudulent acts.
Non-Fungible Token (NFT) is a new thing in Indonesia, as something new it is full of problems regarding the legality of NFT in Indonesia. Furthermore, when it comes to Intellectual Property Rights (IPR), is NFT an IPR and does it receive legal protection? This problem will be discussed in this study, using normative juridical research methods. Based on the research results, it is known that NFT is a digital asset that can be authenticated in order to create digital ownership certificates where these certificates can be traded. This NFT can be protected as intellectual property rights because in fact NFTs are works of art that are encrypted into the blockchain network. Because NFTs are works of art, works of music, videos, game items, etc. that are encrypted into the blockchain network, NFTs are often associated with copyrights.
Mohammad Aaris Amirza, Mohamed Razeef Abdul Razak, Muhamad Fairus Kamaruzaman, Rusmadiah Anwar
The world has been discussing non-fungible tokens (NFT) and this abbreviation is the most searched topic via Google which received widespread attention in 2021. This NFT phenomenon has made the conversion of traditional art into crypto art which also led to the emergence of marketplaces based on the NFT. Rising numbers of users and local NFT marketplaces is somehow an indication of the reception of Malaysia towards the NFT. This paper is to first identify the status-quo of NFT and tokenization in the creative arts in Malaysia since its emergence and, secondly, the potential of this emerging technology carries. The study finds that there are number of local creative talents and brands has started to tokenised their artworks and gained success with their NFT projects. Despite Malaysia having a low percentage of NFT owners, demand in NFT is increasing as the potentials of this advancement has would contribute to the encouragement towards the Metaverse. This research concludes that as more users, brands, and organisations are beginning to create their own NFT collections to not only advertise their brands but also to begin utilising this new technology as they keep pace with other international NFT users, Malaysia’s NFT market is still in its infancy and must be explore.
The development of investment law in Indonesia, especially in digital assets, has experienced significant developments. Non-Fungible Token (NFT) is a form of digital asset that is currently widely found in the community. However, from a legal perspective, there is no regulation on NFT and how the legality of NFT transactions is related to the use of cryptocurrencies in it. Having established from the background above, this research aims to analyze the urgency of regulating NFT and how basically the legal construction of the NFT in the contract law perspective. This research is normative research using statute and conceptual approaches. The results of the study finds that the urgency of regulating the legal construction of NFT transactions in Indonesia is to provide legal certainty to investors and is related to the legality of NFT transactions in Indonesia if it is associated with the validity of cryptocurrencies. The legal construction of NFT transactions in Indonesia is that the construction is not a sale and purchase agreement, but instead the legal construction refers to exchange agreement as stated in Article 1541 BW whereas cryptocurrency and NFT here will be given extensive meaning as goods in order to comply with the provisions of Article 1320 of BW to fulfill the objective requirements, in particular, the halal cause.
Uni Tsulasi Putri, Wihandriati Wihandriati, Muhammad Rizal Sirojudin, Sakti Oktasari
Pada satu dekade terakhir, kehidupan masyarakat semakin pesat bergerak memasuki era digital yang sering disebut era industri 4.0. Meskipun diawali dari kegiatan bisnis, berbagai aktivitas dalam dunia maya juga mulai dikenal di bidang pelayanan publik seperti e-signature, e-litigation, e-court, e-registration, dukcapil online dan sebagainya. Masifnya berbagai aktivitas elektronik tersebut didorong oleh derasnya arus kemajuan dan inovasi teknologi salah satunya smart contract pada sistem blockchain. Aplikasi smart contract blockchain digadang dapat digunakan selain berkaitan dengan cryptocurrency atau aset kripto, yakni antara lain untuk e-voting ataupemilu, rekam medis dan pendaftaran tanah. Pada tahun 2021, Menteri Agraria dan Tata Ruang/Kepala Badan Pertanahan Nasional RI mengeluarkan Peraturan Nomor 1 Tahun 2021 tentang Sertipikat Elektronik yang mulai berlaku sejak tanggal 12 Januari 2021. Peraturan tersebut memungkinkan dikeluarkannya Sertipikat Elektronik untuk pendaftaran tanah pertama kali atau untuk penggantian sertipikat lama menjadi Sertipikat Elektronik. Peraturan tersebut dapat disimpulkan merupakan implementasi Road Map Transformasi Digital yang dikeluarkan oleh Kementerian Agraria dan Tata Ruang/ Badan Pertanahan Nasional. Pada Road Map tersebut, salah satu poin yang disebutkan untuk tahun 2022 adalah Implementasi smart contract, smart escrow. Tujuan penelitian ini untuk menganalisis tentang dinamika pengaturan pendaftaran tanah para era digital di Indonesia dan bagaimana potensi penggunaan smart contract untuk pendaftaran tanah di Indonesia. Jenis penelitian ini adalah penelitian yuridis normatif. Metode pengumpulan data yang digunakan adalah studi kepustakaan. Alat yang digunakan dalam penelitian ini adalah data sekunder berupa dokumen yang terdiri dari bahan hukum primer, bahan hukum sekunder, dan bahan non hukum. Data tersebut dianalisis secara kualitatif kemudian disajikan secara deskriptif.
Artikel ini akan menjelaskan apa yang menyebabkan Cryptocurrency dapat berpotensi menjadi sarana praktik Money Laundering, serta untuk mengetahui pengaturan yang ideal yang dapat diterapkan untuk mencegah terjadinya Money Laundering yang menggunakan Cryptocurrency. Penelitian ini menggunakan penelitian hukum normatif yang dilengkapi wawancara, sumber data berupa bahan hukum primer, bahan hukum sekunder, dan bahan non-hukum. Analisis data menggunakan teknik analisis preskriptif dengan pendekatan perundang-undangan dan pendekatan konseptual. Temuan menunjukan bahwa pencucian uang dengan Cryptocurrency merupakan A New Model of Money Laundering. Faktor utamanya disebabkan karena transaksi Cryptocurrency dapat dilakukan secara anonim atau rahasia dengan mensamarkan identitas profil penggunanya. Terdapat beberapa indikator Red Flag yang dipublikasikan oleh FATF yang dapat dicurigai sebagai tindakan Money Laundering pada Cryptocurrency. Untuk menentukan pengaturan ideal atau yang paling efektif dalam mencegah praktik money laundering yang menggunakan Cryptocurrency yakni dengan cara memperkuat regulasi yang secara komperhensif mengenai pengaturan transaksi Cryptocurrency. Serta pengawasan ketat pada pelaksanaannya, utamanya dalam hal mengatur penggunaan Non-Custodial Wallet. Lalu dengan cara memperkuat LPP serta PPATK dalam hal pemahaman mengenai Cryptocurrency serta perkembangannya dan juga untuk platform penyedia jasa Cryptocurrency perlu mempunyai suatu unit kerja atau divisi yang tidak hanya paham mengenai perkembangan teknologi, utamanya Cryptocurrency ini, namun juga mempunyai pemahaman yang mendalam mengenai program Anti-Money Laundering.
The use of Smart-Contract has a potential to revolutionize aspects of global trade, given its practical characteristics with complex security systems. The novelty of Smart-Contracts also puts existing regulations to the test despite of legal vacuum. The purpose of this research is to analyze the novelty of this technology that has the potential to be misused, given its novelty which makes Smart-Contract lack comprehensive studies. This lack of study can also be seen in law and regulations that have not anticipated the existence of the Smart-Contract method. The risk of system failure is potentially detrimental in the long term by using of Smart-Contract in Indonesia, given the practicality of business transaction methods. This research uses normative legal research with a conceptual and statutory approach by identifying the potential legal risks of supply chain Smart-Contracts from the perspective of contract law. The results of this study explain that the potential risks of implementing Smart-Contract technology not only have an impact on financial aspects but also produce risks resulting from program failures or system errors. This system failure has the potential to be misused and endanger the interests of the parties involved in it. Indonesian legislation in electronic transactions has not specifically regulated the risk of failure or error in the smart contract system. The suggestion in this research is that stakeholders classify Smart-Contract into Indonesian legal rules so that business actors can have steps in mitigating risks arising from the use of Smart-Contract in the supply chain process.
Non-Fungible Token (NFT) is a new digital platform that helps artists empower their work with easy access and secure tools and methods that can be used easily. The problem is how is the legal protection of NFT technology as an intellectual work identity? How is the NFT form a solution in protecting Indonesia’s intellectual property rights in a review of Law Number 28 of 2014 concerning Copyright? The research method uses a juridical-empirical approach. By using primary and secondary legal materials obtained from literature and field studies by means of observation and interviews. The results of research on legal protection of NFT technology as the identity of intellectual works explain that in Indonesia itself there are no specific regulations that strictly regulate NFT as objects of legal protection, considering that NFTs are born through a process of creation (which is followed up with conversion/printing) where NFT is basically electronic data. NFTs become objects of digital artwork so that NFTs can be categorized as creations in accordance with the provisions of Article 1 Number 3 of Law Number 28 of 2014 concerning the Copyright Act and regulated in the provisions of Law Number 19 of 2016 concerning Information and Electronics, and Regulations Government Number 71 of 2019 concerning Implementation of Electronic Systems and Transactions. The NFT form can be a solution in protecting Intellectual Property Rights in Indonesia when viewed from Law Number 28 of 2014 concerning Copyright that the certainty of ownership rights in every digital artwork which is then converted into NFT has its own code or token. In addition, this form will be difficult to imitate from various forms of plagiarism in intellectual property.
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Non-fungible tokens, also known as NFTs, are a special kind of digital record of ownership that is utilized in a certain manner to guarantee validity and uniqueness of intangible goods. Due to its features, NFTs become interesting among art creators and even asset collector. Transactions on NFT create incredible values, which raises a number of legal issues, particularly in the realm of intellectual property rights related to copyright. This research aims to explains the connection between the existence of NFT and current copyright law in Indonesia focusing on the ownership and transfer of rights from the purchasing of NFTs. The author will try to compare on other jurisdictions (Ireland & Germany) concerning the copyright legal framework. Furthermore, the practice by licensing method in current NFTs marketplace will also be demonstrate through this paper. The research methodology employed is a normative juridical approach with an analytical and descriptive research design. Based on the research conducted, there is still a legal gap in Indonesian copyright law, particularly in the realm of NFTs and the idea of droit de suite, which has existed in intellectual property right concept globally. Finally, this paper will present several recommendations for the government and other relevant stakeholders upon NFTs transactions.
<div><table cellspacing="0" cellpadding="0" align="left"><tbody><tr><td align="left" valign="top"><p class="Copyright">The speed of the adoption and use of cryptocurrency that utilizes blockchain technology as its central infrastructure is expanding globally, including in Indonesia. It has promising prospects as a future asset and payment instrument. However, the regulations in Indonesia are often delayed and inadequate for dealing with cryptocurrency's developments. This research is intended to analyze the approaches, regulations, and protection of the use of cryptocurrency. This study argues that the regulatory approach to using cryptocurrency is balanced, while Indonesia has a partial status in cryptocurrency legality. The government’s protection of cryptocurrency investors is adequate in using cryptocurrency as a commodity traded on futures exchanges with a license from <em>Bappebti</em>. A progressive policy for establishing the Digital Asset Law by the government is important due to the resultant clarity in the regulatory status of cryptocurrency will allow the ecosystem to grow and promote innovation, thus harnessing the benefits of cryptocurrency while mitigating related risks.</p></td></tr></tbody></table></div>
Cryptocurrency investment is currently expanding quickly on a global scale as well as in Indonesia. On the one hand, cryptocurrency can be used as a medium of exchange or a form of money, which represents the original purpose of cryptocurrency. On the other hand, it can also be used as a commodity or as digital assets, also known as crypto assets. Cryptocurrency is illegal to use as money in Indonesia, but it is legal to exchange it as an asset. This study explores the legal protections for holders of collateral against the loss of crypto assets as well as how crypto assets are governed by material guarantees in Indonesia. A conceptual and statutory approach, technical analysis, and a normative legal research methodology were applied in the study. The legal material was analyzed by using the content analysis approach, which involved examining the content and legality of the material gleaned from various laws and regulations by looking at the relevant legal precedents. The discussion results discover that crypto assets fall under the definition of "intangible movable objects" as defined in article 503 BW. In addition, crypto assets had material rights in the form of material guarantees in the form of a pledge and fiduciary guarantees, allowing the parties to carry out their agreements in good faith even in the event that the collateral object is lost. These disputes could be settled through either non-litigation or litigation.
The presence of crypto coins as a new thing in society certainly requires a legal attitude. The rapid development of crypto coins makes many people believe that crypto coins will become a means of payment in the future. This study aims to find out the arrangements regarding payment instruments in Indonesia and the legal consequences if crypto coins are used as payment instruments in Indonesia. this writing uses Normative Legal Research, namely research with assessment through literature studies based on primary and secondary legal materials. The problem approach used is the statutory approach and the conceptual approach. The results of this study show concretely that crypto coins are illegitimate means of payment. The use of crypto coins as a means of payment in Indonesia is not in accordance with the law and is an act that is against the law so that it can lead to legal consequences. Crypto coins do not have a legal basis to be used as a means of payment in Indonesia. Payments using crypto coins which are prohibited by law are considered illegal payments so they can be subject to sanctions
Digital transformation in the economic sector has challenged legal and regulatory capabilities. The euphoria of the Indonesian people over the presence of the Non-Fungible Token (NFT), especially on the OpenSea platform, has caused a violation of privacy. Therefore, this research examines the basis for processing the personal data of OpenSea and their accountability for efforts to protect personal data in a descriptive-analytical specification with a normative juridical approach originating from library materials or secondary data. The results of the research show that the basis for processing data is not in line with Law Number 27 of 2022 concerning the Protection of Personal Data, and OpenSea may be subject to administrative sanctions for the distribution of NFTs that are contented with personal data violations in its electronic system. Meanwhile, this research aims to contribute ideas and references for legal knowledge development; input to the government to reinforce preventive and repressive efforts on internet security; referral of personal data controllers in improving the quality of electronic systems; and information for the public to wisely utilize technology.
Muhammad Rifqi Hariri, Ahmad M. Ramli, Tasya Safiranita Ramli
This study analyzes the potential benefits and legal issues that arise, especially in the field of intellectual property due to the practice of commercializing songs and/or music through NFTs by musicians in Indonesia. Through descriptive analytical research using a normative juridical approach, the results of this study indicate that there are various potential benefits that can be obtained by musicians and the public as NFT buyers if works in the form of songs and/or music are commercialized through NFT. However, aside from that, there are also potential problems, such as the current absence of regulations in Indonesia that specifically regulate NFTs, which causes legal uncertainty. Indonesia needs to issue regulations that specifically regulate the legality of NFTs through a multidisciplinary approach, especially from the technological and legal aspects.
This research is a normative juridical study of non-fungible token (NFT) regarding the position of NFT in relation to positive law in Indonesia, legal certainty for bankrupt assets in the form of NFT and the efforts that can be made by curators in order to optimize bankruptcy assets in the form of NFT. The results of this study indicate that NFT has met the classification of immovable and indivisible movable objects. The provisions of Article 21, Article 98 and 101 Paragraph (1) of the Bankruptcy Law have provided legal certainty to curators and bankrupt creditors that NFT is a bankrupt asset that must be optimized by the curator to pay off the debts of debtors. There are 3 main obstacles by the curator in optimizing bankrupt assets in the form of NFT, in the process of registering NFT as bankrupt assets, the process of determining the best time to sell NFT and the method of selling NFT based on the Bankruptcy Law. Against these obstacles, the Bankruptcy Law and positive law have provided efforts that can be taken by curators in the context of optimizing bankrupt assets.
Smart contract adalah kontrak digital yang dapat diatur dan dieksekusi secara otomatis. Kehadiran smart contract menimbulkan perubahan radikal dalam dunia hukum, khususnya dalam bidang perjanjian dan pembayaran. Meskipun teknologi memungkinkan fungsi Notaris dilakukan secara online dan jarak jauh, tampaknya hal itu tidak mungkin dilakukan secara hukum yang saat ini berlaku di Indonesia. Sehingga, masih dibutuhkan regulasi yang spesifik mengatur ketentuan mengenai Smart Contract agar terbentuknya kepastian hukum yang memberikan rasa aman dan perlindungan hukum bagi masyarakat. Rumusan Masalah yang dipakai ada dua yaitu, pertama, keabsahan hukum atas kehadiran smart contract dikaitkan dengan transaksi elektronik, serta yang kedua, bagaimana ancaman penerapan smart contract terhadap peran dan fungsi notaris di indonesia. Penelitian ini menggunakan metode yuridis normatif dengan mengumpulkan data dari bahan hukum primer, sekunder, dan tersier. Hasil penelitian menunjukkan bahwa kehadiran Smart Contract di Indonesia dapat dikatakan sah dan berlaku apabila memenuhi syarat-syarat yang ditetapkan dalam peraturan perundang-undangan yang berlaku, seperti Undang-Undang Nomor 8 Tahun 1999 tentang Perlindungan Konsumen dan Undang-Undang Nomor 11 Tahun 2008 tentang Informasi dan Transaksi Elektronik. Namun, jika dikaji terhadap peran notaris sebagai pejabat umum, Smart Contract akan mengurangi peran notaris sebagai pejabat umum dalam pendaftaran dan pengesahan perjanjian. Karena, peran notaris tetap diperlukan dalam pemeriksaan keabsahan dan kepatutan kontrak, serta dalam memberikan jaminan keamanan bagi kontrak yang diselenggarakannya. Kesimpulan dari penelitian ini adalah bahwa Kemajuan teknologi yang pesat harus sejalan dengan perubahan sistem hukum, khususnya fungsi notaris sebagai pejabat publik, agar tetap relevan dan memberikan pelayanan yang efektif dan efisien kepada masyarakat
Abstract In 2021 and 2022, Beijing courts annulled three contracts for cryptocurrency mining, holding that they were contrary to the public interest. The judges based their decisions on Chinese law provisions concerning contractual validity and supported their arguments by citing various policy documents warning of the risks of cryptocurrency‐related activities to financial market stability and energy consumption. Although the provisions that the courts cited were recently reformed, the courts' line of reasoning and approach may set an example for future cases concerning carbon‐intensive activities. This note therefore considers these judgements in the broader context of climate change litigation, reflecting on the role of courts in implementing industrial and microeconomic policy in the interpretation of contract law.
Julian Gilbert Marcelino, Novia Kusumawardani, Adhen Al Hafiedz
Hak Kekayaan Intelektual, merupakan hak yang di miliki oleh seseorang atas karya ciptaan yang merupakan hasil dari kegiatan berpikir yang dilakukan oleh orang tersebut. Menurut Pasal 16 ayat (3) Undang-Undang Nomor 28 Tahun 2014 tentang Hak Cipta, hak kekayaan intelektual dapat di jadikan sebagai objek jaminan fidusia, karena sifatnya yang merupakan benda bergerak dan tidak berwujud. Adapun saat ini ada aset tak berwujud baru yang bernama Non Fungible Token (NFT). NFT merupakan aset digital yang termasuk benda bergerak tidak berwujud. Oleh sebab itu dalam penelitian ini akan di bahas terkait apakah NFT bisa menjadi objek dari jaminan utang, serta jaminan kebendaan apa saja. Metode penelitian yang digunakan adalah penelitian normatif dengan menggunakan pendekatan perundang-undangan KUH Perdata, Undang-Undang Nomor 28 Tahun 2014 tentang Hak Cipta, sebagai sumber utama. Juga pendekatan konseptual yaitu tentang pendapat ahli terkait aset digital sebagai objek jaminan. Adapun hasil penelitian yang diperoleh bahwa NFT dapat menjadi objek jaminan utang, lembaga jaminan kebendaan yang dapat digunakan adalah jaminan fidusia dan jaminan gadai.
The development of NFT use does not function for the public’s need of objects related to copyright. In general, when someone creating NFT using another person’s work needs approval from the copyright owner. This type of normative juridical research is used as an assessment of the application of positive legal norms or legal rules applied in Indonesia. The results of research on Transferring Copyright Ownership Of NFT (Non-Fungible Tokens) On The Perspective Of Positive Law In Indonesia can be regulated by using the provisions of Article 18 UUHC related to selling-buying outright of copyrighted works which in practice must meet the requirements stated in Article 1320 of the Civil Code concerning the conditions for the validity of the agreement which are the existence of an agreement, parties’ requirement, particular objects, and lawful cause. The transaction of copyrighted works on NFT is not merely a sale and purchase for ordinary works of art, but also includes the rights to a copyrighted work protected by positive law in Indonesia. NFTs are protected under copyright laws and therefore have 2 (two) rights attached: economic and moral. In this regard, changing or distributing as well as modifying actions is included in violating moral rights. Even though the ownership has been transferred, the copyright holder must still be entitled to the economic and moral rights of the creator attached to the NFT.
The development of crypto in Indonesia currently has a high attraction for the public. Indonesia is one of the countries that has quite good crypto investors and has great investors. With this crypto transaction, it adds investment for life, but many companies engaged in this crypto sector are still vulnerable to the establishment of Bappebti or the number of illegal companies. So that legal protection cannot be obtained on crypto companies that do not have permits. One of them, the Binance application (currently) still has not obtained permission from Bappebti. The type of research in this article is literature research with a qualitative approach. The methodology used is the normative study of law. The results of the study concluded that there is no fixed legal certainty for Binance application users for investors, because the company has not registered with Bappebti to legalize its crypto in Indonesia
Decentralized Finance (DeFI) has positively impacted the development of crypto asset trading and has been adopted by various countries except for Indonesia. This study aims to identify the urgency of regulating DeFi as the development of crypto asset trading in Indonesia and construct the ideal regulation. This research is normative legal research with a statutory and conceptual approach. The research results stated the urgency of regulating DeFi as the development of crypto asset trading is: a) other countries have used DeFi because it can develop crypto asset trading for the better by creating value stability in crypto assets, having a function for lending and borrowing crypto assets, having transparency in transactions and lower crypto asset trading fees; b) DeFi technology adopted in the development of the Digital Rupiah project by BI and adopted by physical traders of crypto assets in Indonesia; c) as a form of legal protection from risks arising from technical or non-technical negligence or intention to protection from crime. Ideal legal regulation for decentralized finance as the development of Indonesia crypto asset trading is the formation of a regulation by CoFTRA in the form of technical guidelines and implementation mechanisms, in the form of a new written CoFTRA Regulation, in the form of a decree from the Head of CoFTRA whose focus is to regulate DeFi as development Crypto asset trading.
Hanif Nur Widhiyanti, Safinaz Mohd Hussein, Ranitya Ganindha
Cryptocurrencies can facilitate cross-border global transfers easily and pseudonymously. It can be converted into fiat currencies, making it suitable for money laundering crimes. This study compared legal regulations in the United States that analysed the readiness of regulations and Indonesia's legal loopholes in responding to the development of the cryptocurrency business. As a result, cryptocurrency in Indonesia is susceptible to being used as a money-laundering tool due to the novelty of the technology, the anonymity it provides its users, and the immaturity of the regulations governing it. Therefore, it is necessary to create a cryptocurrency that can follow the “Travel Rule†and collect and share information about the people who send and receive cryptocurrency, like in the US. The study also argues that passive detection is used to detect the identity of cryptocurrency users through a centralised service. However, several cryptocurrency developers have responded to the increase in pseudonymity tracking methods by developing cryptocurrencies with greater secrecy change.