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Abstract

Given Indonesia’s recent legal policy developments regarding cryptocurrency, it is pertinent to ask whether this new investment market, by its overall structural formation, holds any further risks to Indonesia beyond those to individual parties. This paper contends that any effective regulation of this new ecosystem requires adoption of the machinery of more fundamental concepts and a clear direction. Even if the Government’s skepticism about soundness of the cryptocurrency markets is fully justified, how best to protect the various parties in the market is a different issue, one which calls for urgent attention from policy makers, legal practitioners, the judiciary and academic researchers. In particular, given the increasing number of startup Indonesian companies that have scrambled for seats in the new market, and the large number of related criminal cases reported in other jurisdictions, often involving hacking or embezzlement, the urgency to study best policy practices cannot be stressed enough. Against this backdrop, this paper analyzes the current legal status of virtual currency, related parties and activities in Indonesia absent direct laws and regulations to protect relevant parties.

Bahasa Abstract

Sehubungan dengan perkembangan kebijakan hukum Indonesia terkait dengan mata uang kripto, sangat relevan untuk mengetahui apakah pasar investasi yang baru ini, memiliki risiko bagi Indonesia melebihi dari risiko yang ditimbulkan pada pihak perorangan menurut pembentukan strukturalnya. Tulisan ini menegaskan bahwa pengaturan yang efektif terhadap ekosistem yang baru ini memerlukan penerapan konsep mendasar dan arahan yang jelas. Bahkan dalam hal sikap skeptisisme Pemerintah Indonesia atas kejelasan dari pasar mata uang kripto dapat dibenarkan, cara untuk melindungi berbagai pihak dalam pasar merupakan suatu permasalahan yang berbeda. Hal tersebut menimbulkan urgensi atas perhatian bagi pembuat kebijakan, praktisi hukum, peradilan, dan kalangan akademik. Khususnya, mengingat peningkatan jumlah usaha rintisan Indonesia yang mencari kedudukan di pasar yang baru tersebut, dan besarnya jumlah tindak pidana terkait dengan mata uang kripto yang dilaporkan di yurisdiksi lain yang seringkali melibatkan peretasan atau penggelapan, urgensi utnuk mempelajari kebiajakn terbaik tidak dapat diabaikan. Atas latar belakang tersebut, tulisan ini menganalisis status hukum dari mata uang virtual, pihak-pihak terkait, dan aktivitas yang ada di tengah kekosongan hukum dan peraturan khusus untuk melindungi pihak yang berkepentingan.

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