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All Journal Indonesia Law Review (ILREV) Indonesian Law Journal
Chang, Soonpeel
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Law, Crime, Criminology & Criminal Justice

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LEGAL STATUS OF VIRTUAL CURRENCY IN INDONESIA IN THE ABSENCE OF SPECIFIC REGULATIONS Chang, Soonpeel
Indonesia Law Review
Publisher : UI Scholars Hub

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Abstract

Given Indonesia’s recent legal policy developments regarding cryptocurrency, it is pertinent to ask whether this new investment market, by its overall structural formation, holds any further risks to Indonesia beyond those to individual parties. This paper contends that any effective regulation of this new ecosystem requires adoption of the machinery of more fundamental concepts and a clear direction. Even if the Government’s skepticism about soundness of the cryptocurrency markets is fully justified, how best to protect the various parties in the market is a different issue, one which calls for urgent attention from policy makers, legal practitioners, the judiciary and academic researchers. In particular, given the increasing number of startup Indonesian companies that have scrambled for seats in the new market, and the large number of related criminal cases reported in other jurisdictions, often involving hacking or embezzlement, the urgency to study best policy practices cannot be stressed enough. Against this backdrop, this paper analyzes the current legal status of virtual currency, related parties and activities in Indonesia absent direct laws and regulations to protect relevant parties.
ASSESSMENT OF INDONESIA'S LEGAL FRAMEWORK FOR HUMAN RIGHTS IN CORPORATE SETTINGS Chang, Soonpeel
Indonesian Law Journal Vol. 17 No. 2 (2024): Indonesian Law Journal Volume 17 No 2, 2024
Publisher : Badan Pembinaan Hukum Nasional Kementerian Hukum Republik Indonesia

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.33331/ilj.v17i2.161

Abstract

Indonesia has long upheld the protection of fundamental human rights and labor rights through its Constitution, laws, and regulations. In recent years, this commitment has evolved to incorporate global discourses on human rights in corporate and business contexts—such as the United Nations Guiding Principles on Business and Human Rights (UNGP)—into its legal framework. Key milestones in this progression include the enactment of Presidential Regulation No. 60 of 2023 on the National Strategy for Business and Human Rights, the formation of bodies such as the National and Regional Task Forces on Business and Human Rights (Gugus Tugas Nasional and Gugus Tugas Daerah Bisnis dan Hak Asasi Manusia), and the introduction of mechanisms like the Business and Human Rights Risk Assessment (Penilaian Risiko Bisnis dan Hak Asasi Manusia). These efforts aim to align Indonesia’s approach with international standards on human rights due diligence. It is important to note that during the rapid industrialization of many advanced economies, corporations often operated with minimal regulatory oversight. In contrast, modern Indonesian companies face numerous legal frameworks while striving for similar economic growth. This contrast highlights the unique challenges Indonesian companies face in pursuing rapid economic growth while navigating an increasingly complex regulatory environment. Indonesia already has a robust foundation of regulations and policies aimed at safeguarding labor rights and improving working conditions. What the country needs is not another layer of regulations that risk confusing and burdening business players, but rather an effective system to enforce its existing legal framework to its fullest potential. Imposing extensive compliance requirements—such as responding to over 140 detailed inquiries and providing exhaustive evidence of human rights safeguards—could overwhelm Indonesian businesses and undermine their global competitiveness. Instead of directly replicating regulatory models from advanced economies, Indonesia should tailor its approach to align with its unique socio-economic landscape. This means prioritizing the optimization of current legal instruments, strengthening the rule of law, and enhancing legal certainty. These measures are more likely to foster sustainable development than introducing overly complex or burdensome new regulations that may not align with the nation’s current stage of growth.
FULL E-BOOK INDONESIAN LAW JOURNAL VOLUME 17 N0. 2, 2024 Muhammad, Fahrurozi; Widayat, Wisnu; Hartati, Besse; Adillah, Muhammad Arief; Sihombing, Putrida; Rangkuti, Liza Hafidzah Yusuf; Batubara, Dinda Aprilia; Syam, Farhans Mahendra; Chang, Soonpeel; Gonzales, Marcellino
Indonesian Law Journal Vol. 17 No. 2 (2024): Indonesian Law Journal Volume 17 No 2, 2024
Publisher : Badan Pembinaan Hukum Nasional Kementerian Hukum Republik Indonesia

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The 2024's second edition of Indonesian Law Journal Volume 16 has been published. The discussion topic of this edition is Legal Impact of Geopolitical Tensions on International Trade Agreements and Business and Human Rights National Strategy in relation with Business and Investment Policy. This edition presents 6 (six) articles from authors with various backgrounds. Please enjoy reading as we hope these article in our Journal are beneficial and constructive towards the development of national law.
Co-Authors Adillah, Muhammad Arief Batubara, Dinda Aprilia Besse Hartati Gonzales, Marcellino Muhammad, Fahrurozi Rangkuti, Liza Hafidzah Yusuf Sihombing, Putrida Syam, Farhans Mahendra Widayat, Wisnu