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All Journal Journal of Judicial Review
Antonius Tampubolon
Universitas Internasional Batam, Indonesia
Law, Crime, Criminology & Criminal Justice

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Legal Review of the Implementation of the Regulatory Sandbox by the Financial Services Authority: A Case Study of GORO Antonius Tampubolon; Nurlaily Nurlaily; Lu Sudirman
Journal of Judicial Review Vol. 28 No. 1 (2026): June 2026
Publisher : Universitas Internasional Batam

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.37253/jjr.v28i1.12376

Abstract

Technological innovation in the financial services sector necessitates a legal framework that is adaptive while ensuring legal certainty and consumer protection. The Financial Services Authority (Otoritas Jasa Keuangan/OJK) has introduced the regulatory sandbox mechanism as a controlled testing environment for financial innovations prior to full licensing. This study aims to analyze the legal framework governing the regulatory sandbox in Indonesian positive law, its implementation, and the legal gaps that arise. The research employs a normative juridical method with statutory and case approaches, relying on secondary data sources. The findings indicate that regulatory strengthening through OJK Regulation Number 3 of 2024 has enhanced supervisory functions and improved consumer protection standards. However, significant legal gaps remain, including the unclear legal status of participants during the testing phase, overlapping institutional authority, and the absence of standardized technological security measures. These gaps have implications for weakened legal certainty and increased risks to consumers. Therefore, regulatory harmonization and stronger inter-institutional coordination are required to ensure that the regulatory sandbox effectively supports secure and sustainable digital financial innovation.
Co-Authors Lu Sudirman Nurlaily Nurlaily