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p-Index From 2021 - 2026
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This Author published in this journals
All Journal Journal of Entrepreneurial Economics Sustainable Urban Development and Environmental Impact Journal
Beckham Napitupulu
Public Sector Accounting, Accounting, Politeknik Keuangan Negara STAN, South Tangerang, Banten 15222
Economics, Econometrics & Finance Environmental Science Public Health Social Sciences

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A sandbox regulatory framework for bullion integration in the decentralised digital finance (DeFi) ecosystem Aidatul Fitriyah; Beckham Napitupulu
Journal of Entrepreneurial Economics Vol. 3 No. 1: February (2026)
Publisher : Institute for Advanced Science, Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/jane.v3i1.2026.3397

Abstract

Background: This research addresses regulatory friction and systemic risks arising from the integration of tokenised bullion into the Decentralised Finance (DeFi) ecosystem, focusing on how to balance investor protection with continued innovation. It outlines the context of DeFi’s permissionless architecture, the sensitivity of bullion as a high value asset class, and the resulting challenges for regulatory certainty and market integrity. Methods: The study employs an analytical and conceptual approach based on a comprehensive literature review and the examination of international regulatory frameworks, including IOSCO principles and FATF recommendations. It develops an adaptive regulatory model by comparing existing rules on securities, commodities, and virtual assets with the specific risk profile of tokenised bullion in DeFi. Findings: The analysis identifies core conflicts between DeFi’s borderless, permissionless protocols and jurisdiction bound AML/KYC requirements, as well as single point of failure risks arising from custodial bullion structures. To address these conflicts, the paper proposes a DeFi Bullion Specific Regulatory Sandbox Framework grounded in technology neutral and risk based principles, which embeds regulatory KPIs, capital adequacy thresholds, and RegTech enabled real time monitoring. Conclusion: The results indicate that the proposed sandbox model offers a viable pathway to mitigate systemic risk and enhance regulatory certainty by enforcing compliance at critical on chain and off chain interaction points, particularly physical redemption of bullion. The framework strengthens investor protection while preserving space for innovation in tokenised bullion markets. Novelty/Originality of this article: This research delivers a comprehensive and actionable regulatory blueprint tailored to tokenised bullion in DeFi, explicitly addressing jurisdictional arbitrage and dual asset integrity issues. Its original contributions include defining technical prerequisites for embedding AML compliance into DAO governance and outlining a cross border mandatory liquidation protocol as a theoretical roadmap for regulators and industry stakeholders.
Urban gold mining credit: Designing a carbon credit mechanism for gold recovery from electronic waste Beckham Napitupulu; Aidatul Fitriyah
Sustainable Urban Development and Environmental Impact Journal Vol. 3 No. 2 (2026)
Publisher : Institute for Advanced Science, Social, and Sustainable Future

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.61511/sudeij.v3i2.2026.3479

Abstract

Background: Indonesia generates 1.9 million tons of e-waste annually, with a 20% recycling rate. Printed circuit boards contain 240–340 grams of gold per ton, 300 times higher than natural ore. Urban mining recovers resources while reducing emissions, yet economic mechanisms remain underdeveloped. Indonesia's carbon credit infrastructure (SRN-PPI and IDX Carbon) provides potential to monetize environmental benefits. Methods: Research employs qualitative policy design with Life Cycle Assessment (LCA) following ISO 14040/14044. Comparative regulatory analysis examines how international carbon credit methodologies (Verra AMS-III.BA, Gold Standard) adapt to SRN-PPI requirements. Primary data includes Ministry regulatory documents and IDX Carbon specifications. Secondary data comprises peer-reviewed literature (2012–2025) on LCA, carbon pricing, and urban mining. Economic analysis uses discounted cash flow modeling with a 10-year projection and sensitivity analysis. Findings: LCA demonstrates urban gold mining from e-waste achieves 13,041 kg CO₂-equivalent per kilogram gold savings, 86.9% reduction versus the primary mining baseline of 15,000 kg CO₂-eq per kilogram. The hybrid carbon credit protocol adapts Verra methodology to SRN-PPI compliance, maintaining methodological integrity. Operational pathway from development through validation, registration, monitoring, and verification is clearly mapped. Economic analysis shows a 1,000-ton-per-year facility generates a baseline net present value of Rp 108 billion; carbon credit revenue adds Rp 274 million annually, while green gold premium significantly boosts the NPV to Rp 130 billion (+20.4%). Conclusion: Urban gold mining with integrated carbon credits and ESG-aligned bullion banking creates a viable pathway for Indonesia to formalize e-waste management and reduce emissions. Multi-stakeholder coordination is essential. Novelty/Originality of this article: First comprehensive integration of LCA, carbon credit protocol adapted to Indonesia's SRN-PPI, and green gold market analysis for urban precious metal recovery from e-waste in Southeast Asia.
Co-Authors Aidatul Fitriyah