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All Journal Journal of Accounting Research, Utility Finance and Digital Assets (JARUDA)
Nanda Nur Sofyana
Universitas Islam Negeri Ar-Raniry

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Economic Analysis of Crypto Asset Regulation in Indonesia: Market Impact, Investor Behavior and Islamic Economic Perspective Nanda Nur Sofyana
Journal of Accounting Research, Utility Finance and Digital Assets Vol. 4 No. 4 (2026): April
Publisher : PT. Radja Intercontinental Publishing

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.5281/zenodo.21526604

Abstract

The transfer of crypto asset regulatory authority from Bappebti to the Financial Services Authority (OJK) in 2025 represents a policy transformation with significant economic consequences for Indonesia's digital financial market. This article presents a narrative literature review analyzing three economic dimensions of this regulatory change: (1) the impact of regulation on market dynamics and crypto asset price volatility; (2) the response and behavior of crypto investors in Indonesia amidst the changing regulatory landscape; and (3) the implications of regulation from an Islamic economic perspective based on the 2021 Ijtima Ulama. The review results indicate that: first, regulations that increase legal certainty have the potential to suppress short-term volatility while encouraging long-term institutional adoption, although empirical evidence suggests that the announcement of regulations was initially responded negatively by market players; second, the growth of Indonesian crypto investors, reaching more than 21 million by 2024, is driven by digital financial literacy, risk perception, and speculative motives, which require a policy approach based on economic education; Third, the 2021 Ijtima Ulama fatwa places crypto assets in a conditional position from an Islamic economic perspective, namely, they are forbidden as a medium of exchange but offer opportunities as conditional investment assets. Therefore, OJK regulations need to accommodate the evolving needs of Muslim investors. This article identifies a research gap in the form of a lack of empirical studies on the macroeconomic impact of crypto regulations in Indonesia and the need for a regulatory model that integrates Islamic economic principles.
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