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Urgensi Optimalisasi Regulasi ICO dan Regulatory Sandbox di Indonesia: Studi Komparatif Malaysia, Singapura, dan UEA

Abstract

Regulasi aset kripto di Indonesia sedang mengalami transisi mendasar menyusul diberlakukannya Undang-Undang Pengembangan dan Penguatan Sektor Keuangan (UU P2SK), yang mengalihkan pengawasan dari Bappebti ke Otoritas Jasa Keuangan (OJK) dan Bank Indonesia. Meskipun demikian, kerangka kerja saat ini masih menyisakan celah yang signifikan, khususnya terkait mekanisme penggalangan dana publik seperti Initial Coin Offering (ICO), Initial Exchange Offering (IEO), dan Security Token Offering (STO), serta tidak adanya Regulatory Sandbox khusus untuk inovasi berbasis kripto. Celah-celah ini menciptakan ketidakpastian hukum, meningkatkan risiko penipuan, dan melemahkan perlindungan investor. Studi ini menggunakan metode yuridis-normatif dengan pendekatan hukum komparatif, menganalisis model regulasi di Malaysia, Singapura, dan Uni Emirat Arab (UEA). Temuan menunjukkan bahwa Malaysia menekankan perlindungan investor melalui pendekatan berbasis sekuritas, Singapura mengadopsi kerangka kerja berbasis aktivitas dengan klasifikasi token yang jelas, sementara UEA mempromosikan inovasi melalui zona bebas dan sandbox proaktif. Sintesis normatif ini menyoroti bahwa transisi Indonesia ke OJK berdasarkan UU P2SK merupakan peluang strategis untuk menetapkan regulasi ICO/STO yang berfokus pada perlindungan investor, memperjelas klasifikasi aset kripto, dan menerapkan sandbox khusus untuk keuangan digital. Langkah-langkah tersebut akan menutup celah regulasi, mendorong inovasi fintech yang aman, dan memperkuat stabilitas sistem keuangan. Pada akhirnya, Indonesia dapat memposisikan diri sebagai yurisdiksi yang mampu menyeimbangkan inovasi dengan kepastian hukum, perlindungan konsumen, dan pencegahan kejahatan, sehingga dapat terlibat secara bertanggung jawab dengan perkembangan aset digital global. 

Bahasa Abstract

Regulasi aset kripto di Indonesia berada dalam fase transisi fundamental setelah izinnya UU P2SK, yang mengalihkan pengawasan dari Bappebti ke Otoritas Jasa Keuangan (OJK) dan Bank Indonesia. Meskipun demikian, kerangka kerja yang ada saat ini masih memiliki batasan hukum yang signifikan, terutama terkait regulasi spesifik untuk skema penggalangan dana publik melalui Initial Coin Offerings (ICO) dan ketiadaan fasilitas Regulatory Sandbox untuk inovasi keuangan digital. Kekosongan ini menciptakan hukum yang kuat bagi inovator dan meningkatkan risiko bagi konsumen. Penelitian ini menggunakan metode yuridis-normatif dengan pendekatan perbandingan hukum untuk menganalisis model regulasi ICO dan Sandbox di Malaysia, Singapura, dan Uni Emirat Arab (UEA). Tujuannya adalah untuk merumuskan rekomendasi optimalisasi bagi Indonesia. Temuan menunjukkan bahwa Malaysia (pendekatan sekuritas), Singapura (pendekatan berbasis aktivitas), dan UEA (pendekatan zona bebas) telah memiliki kerangka kerja yang jelas untuk mengelola risiko ICO (melalui STO/IEO) dan secara proaktif menggunakan Sandbox untuk membina inovasi. Simpulannya, transisi ke OJK merupakan momentum krusial bagi Indonesia untuk mengadopsi regulasi ICO/STO yang fokus pada perlindungan investor, serta segera mengimplementasikan Sandbox keuangan digital terstruktur untuk mendorong inovasi yang aman dan bertanggung jawab.

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