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A COMPARATIVE STUDY OF DIGITAL CRYPTOCURRENCY INVESTMENTS BASED ON CURRENCY LAWS AND GLOBAL ECONOMIC REGULATIONS: A CASE STUDY OF THE BIG FOUR ASEAN COUNTRIES Rico Nur Ilham; Irada Sinta; Fuadi; Arliansyah; Muhammad Multazam
Multidiciplinary Output Research For Actual and International Issue (MORFAI) Vol. 5 No. 4 (2025): Multidiciplinary Output Research For Actual and International Issue
Publisher : RADJA PUBLIKA

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.54443/morfai.v5i4.4411

Abstract

The rapid advancement of financial technology has introduced cryptocurrency as a revolutionary innovation in the global digital economy. Despite its growing popularity as an investment instrument, the legal and economic frameworks governing cryptocurrency remain fragmented, particularly within the ASEAN region. This research aims to analyze the influence of currency law clarity and global economic regulation on cryptocurrency investment, with investor trust serving as a mediating variable, in the context of the Big Four ASEAN countriesIndonesia, Malaysia, Singapore, and Thailand. This study employs a normative juridical and descriptive quantitative approach. Data were collected through documentation, expert interviews, and focus group discussions (FGD) involving financial institutions such as OJK, Bank Indonesia, BEI, Phintraco Sekuritas, and the Directorate General of Taxes. Quantitative testing was conducted using Partial Least Squares Structural Equation Modeling (PLS-SEM) with SmartPLS 3.0 to assess the relationships among variables. The findings indicate that both currency law clarity and global economic regulation have a significant and positive effect on cryptocurrency investment, while investor trust plays only a limited mediating role. The strongest relationship is observed in Singapore, where the Payment Services Act (2019) provides comprehensive regulatory certainty and attracts institutional investors. In contrast, Indonesia’s fragmented regulatory stance recognizing crypto as a tradable commodity but not a legal tender creates uncertainty that weakens investor confidence. The study proposes the formulation of a “Triangle Policy Framework” integrating legal, economic, and fiscal regulation, and introduces the LCTR (Legal Cryptocurrency and Tax Revenue) model to optimize digital asset governance and fiscal transparency. This integrated model is expected to strengthen investor protection, enhance legal certainty, and support sustainable digital economic growth in the ASEAN region.
Co-Authors AA Sudharmawan, AA Ade Ratna Dewi Adelina, Dian Adhiana, Adhiana Adnan Adnan Ahmad, Shabir Ainiya , Nazri Akhyar, Chairil Alfaris, Muhammad Amlys Syahputra Silalahi Amru Usman Andriani, Rika Anissa, Farah Annisa Karim Sinaga Arliansyah Arliansyah, Arliansyah Armanu Thoyib Armanu Thoyib Arnas, Eva Asmaul Husna Asrol Fajri Aulia Ramadhan, Hafidz Authar ND, Muhammad Ayu Anora Ayu, Sari Chairil Akhyar Chalirafi, Chalirafi Cut Afra Humaira Cut Rozana Sari Cut Zira Maulida Damayanti, Ori Dara Latifa Debi Eka Putri Delvia Andriani Dhea Fidela , Cut Dhuhratulliza, Dhuhratulliza Dina Salsabila Dwi Yuzaria Dwiyani, Uci ekamaida, ekamaida EM Yusuf Iis F, Fadli Fachry Abda El Rahman Fadli Fadli Fadli Fajiral, Raihan Fakhirah Balqis, Rasykah Falahuddin fayza, Adinda Feinberg, Bob Frengki Putra Ramansyah Fuadi Fuadi Fuadi Gina Silmi Hafni Zahara Haikal, M. Hamdiah Hamdiah Hamdiah Harley Agustian Hasan, Nadila Hasnah Hasnah Haway , Fitra Heikal, Mohd. Hekdi Theresia Pintubatu Herlina Herlina Iklima , Rina Ikram Intan Aulia Sari Irhamah Isfenti Sadalia Isfenti Sadalia isfenti sadalia Izza, Nurul Jamilah Jamilah Jariah Abu Bakar Juanda, Reza Juliana Juliana Jumadiah Juni Ahyar Kembaren, Emmia Tambarta Khaidir Khaidir, Khaidir Khairani Husna , Fadhila Khairani, Aulia Febri Khairisma, Khairisma Kumala Sari, Dewi Latiful Rahmi Laxmi Jamatia , Purna Lika Andira BR Pinem Likdanawati Liper Siregar Lusi Afriliana M, Mawardati M. Subhan M.Subhan Mangasi Sinurat Mangasi Sinurat Marzuki Marzuki Mawardati Mawardati Merlita, Lala Millisa, Cut Mirna Mohd. Heikal Muammar Khadafi Muammar Khaddafi Muhammad Furqan, Muhammad Muhammad Multazam Mursidah Muttaqien Nadira , Rizki Nadya Jasmine Nailul Ulfah Nasution, Wahyu Isnanda Nisrul Irawati Nofianti, Nofianti Nur Faliza Nurhasanah Nurhasanah Nurjanah, Fadilah NURUL HAYATI nuryana nuryana, nuryana Nurzarina, Maudi O. Brusa, Jorgeo Pradana, Suji Puji Suryani, Suci Puspitaningrum, Rani Putri Pratiwi Quswarnika, Quswarnika Rahmadani, Zuhra Rahmaniar Rahmaniar, Rahmaniar Rahmi, Utia Rais, Rany Gesta Putri Ramansyah, Frengki Putra Rauzi Ramazalena Reza Juanda Riani Riani Riani Riani Riani, Riani Rico Nur Ilham Ridani Ridani Rifaldy Rizky, Muhammad Riska Fazira Riska Yanti Rista Sihombing Rizkina, Fathi Roni Kurniawan Rosmaniar Rosmaniar Rosmaniar, Rosmaniar Rusydi Abubakar S. Sugiharto Safitri , Sekar Safriana Safriana Safriati Safriati salsabilla, Cut Sandi, Heri Saprudin Saprudin Sari Yulis Terfiadi Sarman Sinaga Setia Budi Setia Budi Sinurat, Mangasi Siregar, Deva Septiana Siti Munawiroh Sri Hayu Kartika Subhan Subhan Suci Puji Suryani Suryadi Suryadi Suryadi Suryadi Sutriani Syahputri, Lidia T. Edyansyah, T. Edyansyah Tanjung, Ade Firmansyah Tarmizi Abbas Tripure Maas, Linda Ulfa Yulinazira Ulfia Ulvia Fadilah Utami Aditya Wahyuddin Wahyuddin Wahyuddin Wahyuddin Wahyuni , Yuyun Widodo Endi Prasetia Widya Ramadhani Wooton, Ian YANITA YANITA, YANITA Yulius Dharma Yusnidar Yusril Ramadhan Sembiring Zahrul Fuadi, Muhammad Zulfa Riza Zuriaini Zuriani Zysman, John