<![CDATA[This study aimed to examine the triggers of legal uncertainty in the implementation of securities crowdfunding in Indonesia, starting with issues related to investor protection on platforms licensed by the Financial Services Authority (OJK). Theoretically, existing investigations on the concept were predominantly concerned with doctrinal and regulatory issues, while reconstruction through the integration of Gustav Radbruch's theory of legal certainty and Maqasid al-Shariah remained insufficiently explored. An empirical legal design was used with a qualitative data approach. Furthermore, data sources consisted of primary and secondary forms. Primary data were obtained from observations of 4 OJK-licensed platforms, 135 public comments collected from Instagram, X, and the official review column of the platform on the Play Store. The data were analyzed using thematic analysis following 6 frameworks, namely introduction, coding, theme development, review, definition, and reporting, focusing on the substance and implementation of regulations related to securities crowdfunding in Indonesia. The analysis was conducted using the theory of legal certainty and the Maqasid al-Shariah doctrine. The results showed that legal uncertainty was obtained from contractual structures, overlapping norms and authorities, as well as the absence of dispute resolution mechanisms in regulations impacting investor legal protection. This was because the regulations were oriented towards procedural aspects. Therefore, a preventive and repressive paradigm shift toward securities crowdfunding law was supported through the integration of the Radbruch Triad and Maqasid al-Shariah. Efforts to strengthen legal certainty were further recommended by formulating regulations at the same level as the law on the implementation of digital securities crowdfunding, focusing on a strong and integrated legal foundation.]]>
