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The Urgency of Stable Coin Regulation on Crypto Assets in Indonesia Ade Rizki Saputra
Formosa Journal of Social Sciences (FJSS) Vol. 2 No. 3 (2023): September, 2023
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjss.v2i3.6106

Abstract

Stablecoins, as a form of innovation in the crypto asset ecosystem, have emerged as an attractive alternative in bridging the gap between fiat currencies and highly volatile crypto assets. In Indonesia, the presence of stablecoins has sparked debate about the need for strong regulations to mitigate risks and promote sustainable growth in the crypto asset industry. This journal outlines the urgency of stablecoin regulation on crypto assets in Indonesia. We analyze the possible implications of the presence of stablecoins without adequate regulation, including their potential impact on financial market stability, consumer protection, and national security. Additionally, we investigate regulatory approaches that the Indonesian government can take to create a conducive environment for the healthy growth of the crypto asset ecosystem while safeguarding the public interest. Through a multidisciplinary approach, we present arguments supporting the importance of developing a clear and sustainable regulatory framework for stablecoins in Indonesia. We also highlight the challenges and opportunities associated with these regulations and provide insight into how appropriate regulations can provide long-term benefits for the Indonesian economy. This research aims to provide a better understanding of the complexity of stablecoin regulation in the Indonesian context, while stimulating further discussion about the regulatory direction that should be taken in the face of rapid developments in the crypto asset industry
The Urgency of Initial Coin Offering Regulations in Indonesia Ade Rizki Saputra
Formosa Journal of Social Sciences (FJSS) Vol. 2 No. 3 (2023): September, 2023
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjss.v2i3.6116

Abstract

The purpose of carrying out this research is to find out the urgency of regulation of initial coin offerings or ICOs in Indonesia. This writing uses a normative method with an approach using statutory approaches, comparative approaches, and descriptive approaches. Legal materials used are primary, secondary, and tertiary obtained from literature studies. Then it will be analyzed systematically which is carried out by classifying legal materials to facilitate analysis and construction. In this regard, as well as paying attention to the development of crypto assets at this time, it is important for regulators to follow matters related to the development of digital assets. Therefore, further regulation of digital assets is needed in Indonesia, one of which is regarding ICO as a guide in organizing public offerings in the scope of digital assets in Indonesia based on ICO arrangements that have been carried out by America. This can be one of the best practice references in order to provide a regulatory umbrella as well as a technical guidance framework in the practice of ICOs in Indonesia
Aspects of Personal Data Protection According to International Law Ade Rizki Saputra
Formosa Journal of Social Sciences (FJSS) Vol. 2 No. 3 (2023): September, 2023
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjss.v2i3.6192

Abstract

This journal investigates aspects of personal data protection in the context of international law. With the development of information technology and globalization, cross-border exchange of personal data has become commonplace. However, the challenge that arises along with this is how to protect individual personal data from potential misuse by various parties, including the state and private companies. This journal describes developments in international law related to personal data protection, including key legal instruments such as the Council of Europe Convention on Human Rights and the Protection of Personal Data, as well as the role of international organizations such as the United Nations in addressing this issue. This research also highlights the differences in approaches that exist in various countries in regulating personal data protection. In addition, this journal reviews the practical challenges of implementing personal data protection principles in a global context, including issues of data security, cross-border transfer of data, and comparison of applicable regulations in various jurisdictions. Furthermore, this journal evaluates the impact of personal data protection policies on international trade, technological innovation, and human rights. This research provides in-depth insight into the complexity of personal data protection issues in international law and the importance of global regulatory harmonization to maintain a balance between individual protection and technological developments
Potential of Crypto Assets as Loan Collateral in Indonesia Ade Rizki Saputra
Formosa Journal of Social Sciences (FJSS) Vol. 2 No. 4 (2023): December, 2023
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjss.v2i4.7450

Abstract

This research reviews the potential for using crypto assets as loan collateral in Indonesia. By focusing on regulatory aspects, risks, benefits and stakeholder perceptions, this research analyzes how crypto assets can be used as collateral in loan transactions. A mixed methodology was used to gain a holistic understanding, encompassing both qualitative and quantitative analysis. The results highlight the legal complexities, protections, and need for more comprehensive regulations in facilitating the use of crypto assets as loan collateral in Indonesia
Views on Legal Perspectives on John Austin's Thoughts Ade Rizki Saputra; Hj. Hernawati Ras; Hj. Yeti Kurniati
Formosa Journal of Sustainable Research Vol. 2 No. 11 (2023): November, 2023
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjsr.v2i11.6591

Abstract

John Austin's thoughts on positive law have played a central role in the development of positive legal theory and the concept of the rule of law. However, his highly formalistic view, with its emphasis on law as commandment without including moral and ethical aspects, has received significant criticism. This article analyzes the influence of Austin's thought on modern legal understanding and how criticism of his approach has guided the development of a more inclusive and civilized theory of positive law. This discussion highlights the need to integrate aspects of morality in lawmaking and recognize the complexity of the relationship between law, morality, and justice in modern society. Recommendations are presented to encourage the development of a more balanced theory of positive law and ensure that enacted laws reflect broader ethical values
Legal Philosophy's View of the Role of Advocate Professional Ethics as an Honorable Profession in Carrying Out Good Law Enforcement Ade Rizki Saputra; Davidescu Cristiana Victoria
Formosa Journal of Sustainable Research Vol. 2 No. 11 (2023): November, 2023
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjsr.v2i11.6592

Abstract

The lawyer profession plays a crucial role in maintaining integrity and justice in the legal system. From the perspective of legal philosophy, the professional ethics of advocates is a deep and complex foundation. Several philosophical views, such as utilitarianism, deontology, and contractualism, provide a framework for understanding advocate ethics. The utilitarian view emphasizes the importance of achieving the best outcome for society as a whole, which can create ethical dilemmas when advocates are faced with controversial cases. In contrast, deontology emphasizes the moral obligations that advocates must follow, which can give rise to conflicts between obligations to clients and society. Contractualism links the ethics of advocates to the moral agreements that underlie the legal system, emphasizing their responsibility for better social change. Advocate ethics is also closely related to the concept of social justice, where advocates must ensure that the law is applied fairly, regardless of individual background. In addition, in dealing with ethical conflicts in practice, advocates must refer to the ethical principles of their profession as a guide. Advocates' ethics not only underlie their duties as legal representatives, but also involve moral considerations about how their actions may affect society as a whole. This is a very important foundation in maintaining professionalism and carrying out their role as law enforcers
Crypto Asset Insurance for Physical Trading of Crypto Assets on the Crypto Asset Futures Exchange Ade Rizki Saputra
Formosa Journal of Sustainable Research Vol. 2 No. 11 (2023): November, 2023
Publisher : PT FORMOSA CENDEKIA GLOBAL

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.55927/fjsr.v2i11.6916

Abstract

Crypto assets are now recognized as commodities on the Crypto Asset Futures Exchange, and in creating a system to enable trading of crypto assets, the Commodity Futures Trading Regulatory Agency has provided certain guidelines for the parties involved to ensure that trading can be carried out without problems. However, the Commodity Futures Trading Supervisory Agency does not provide specifications regarding crypto asset insurance, which means that insurance companies must make crypto asset insurance in accordance with existing laws and regulations, namely the Commercial Law Book, Law Number 40 of 2014 concerning Insurance , as well as the Financial Services Authority Regulations as the body that regulates insurance. Thus, this paper aims to find out how crypto asset insurance will be regulated, as well as how it will be implemented, by assessing existing insurance laws and the implementation of crypto asset insurance in the United States, United Kingdom, and Canada. This paper uses normative legal research because it will mostly be based on doctrine, existing laws and other legal documents. Before being marketed, the insurance product itself must meet the requirements set out in Financial Services Authority Regulation Number 23 of 2015 and Financial Services Authority Circular Letter Number 13 of 2016 concerning Insurance Product Reports for Insurance Companies