<![CDATA[The implementation of the Regional Regulation of Bali Province Number 5 of 2020 on Standards for the Governance of Bali Cultural Tourism faces regulatory challenges, particularly the lack of technical implementation rules regarding modern financing schemes such as Equity Crowdfunding (ECF) or Securities Crowdfunding (SCF). The absence of operational norms in Article 8 Paragraph (1) has the potential to trigger legal uncertainty, inter-village disparities, and the risk of alienating communal assets. This socio-legal study aims to analyze the urgency of reformulating tourism village financing norms to realize smart villages grounded in the local wisdom of Tri Hita Karana and the Pancasila Legal Ideal (Cita Hukum Pancasila), as well as to strengthen the citizenship dimension at the village level. This reformulation actualizes the First and Second Precepts through ethical and humane investment governance; the Third and Fourth Precepts through the institutionalization of inclusive deliberation for consensus (musyawarah mufakat) to foster civic participation; and the Fifth Precept through the protection of local economic sovereignty. Utilizing statutory, conceptual, and case study approaches across five regencies (Badung, Gianyar, Bangli, Tabanan, and Karangasem), data were gathered through document studies, interviews, and Focus Group Discussions (FGD), which were then qualitatively analyzed using SWOT analysis. The results of the study formulate a regulatory policy proposal based on the three dimensions of Tri Hita Karana (Parahyangan, Pawongan, and Palemahan), incorporating a local ownership threshold mechanism (51:49) and accountability indicators to guarantee substantive participation of village residents.]]>
