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Digital Transformation and Regulatory Approaches in Capital Markets: A Comparative Legal Study of Indonesia and Malaysia Eni Dasuki Suhardini; Deshinta Arrova Dewi; Dani Durahman; Cecep Soleh Kurniawan; Panji Adam Agus Putra
Khazanah Hukum Vol. 8 No. 2 (2026): Khazanah Hukum
Publisher : UIN Sunan Gunung Djati

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.15575/kh.v8i2.54293

Abstract

This study aims to compare the regulatory frameworks governing fintech innovation, blockchain and digital assets, and investor data protection in the capital markets of Indonesia and Malaysia. It employs normative legal research using statute, comparative, and conceptual approaches. The analysis is based on primary legal materials, including legislation, regulatory guidelines, supervisory instruments, and official policy documents, as well as secondary legal materials, including academic literature and policy reports. The collected materials are examined through descriptive and comparative legal analysis. The findings demonstrate that Indonesia and Malaysia pursue broadly similar regulatory objectives through licensing, governance requirements, supervisory mechanisms, risk management, and investor protection. However, the two jurisdictions differ significantly in their institutional architecture. Indonesia adopts an integrated financial-sector regulatory approach under the Financial Services Authority, whereas Malaysia applies a more specialised capital-market supervisory model through the Securities Commission Malaysia. These institutional differences influence regulatory coherence, supervisory coordination, legal certainty, and regulators' capacity to address technology-specific risks. The findings imply that Indonesia should strengthen inter-institutional coordination and technology-specific supervisory standards, while both jurisdictions should ensure that innovation policies remain closely connected with cybersecurity, operational resilience, and investor protection. The originality of this study lies in integrating fintech regulation, digital asset governance, and investor data protection within a single comparative legal framework focused on regulatory coherence and institutional design.
Co-Authors Ade Farida, Ade Aep Suhendi Agus Awaludin Ajat Sudrajat Aldina Setiani Andika Pratama Apandi, Haerul Ari Wibowo ari wibowo Arif Wahyudin Hidayatulloh Arinurdin, Novayandra Aritonang, Hariyanto Azhari, Arie Bayu Syaripudien Binner Habeahan Cacan Cahyadi Cecep Soleh Kurniawan Christian S, Paulana Dadan Nugraha Dede Taufik, Hariang Deshinta Arrova Dewi Dhea Alfie Dudu Duswara M Eddy Setiawan Erawan, Yevi Mulyana Fachri Rizky Fadillah Faisal Ruslan Fangky Christina Indraguna Faris Fajharika Yusmar Febilita Wulan Sari Ferdian Rinaldi Firdaus, M. Raihan Ginanjar Safaat Giovani Anggasta Pratiwi Lambouw Gunawan, Verawati Haruman, Andi Haspada, Deny Hassanah, Nurul Hasyim Adnan Heddy Permana Putra Hernawati Hernawati Hernawati Hernawati RAS I Ketut Margayasa Ihsan Maulana Indrajaya, C. Suryaarga Ipa Rosita Komarudin Komarudin Kurniawan, Cecep Soleh Kurniawati, Euis Laila M. Rasyid Lidya Nivisa Yusuf Ludi Hermawan Lukmanta, Hendi Fuky M. Riksa Fritansya Gumilar Maryadi Wijaya Muhammad Hatta Muhammad Taufik Hidayah Nanik Widihastuti P Bunga, Dinda Panji Adam Agus Putra Panji Adam Agus Putra Paskaries, Rudolf Paulana Christian Suryamin Permana, Diki Permana, Yedi Widya Prasetia Randiana Prayudi Juni Alamsyah Rahmawati, Amellia Ramadlon Adi Ali Fikri Rano Budi Razak, A. Kami Razak, Abdul Kamil Rinjani, Diliya Mariam Riza Zulfikar Rosidawati Wiradirja, Imas Roy Apon Rudy Ahmad Sudrajat Ryan Fani Santosa, Agung Sartika Dewi Setia Gunawan, Dini Eka Sihombing, Indra Gatot sri dwiyanti Sri Mulyati Chalil Sudewo, Ari Sugeng Prayitno Suhardini, Eni Dasuki Suharno, Rachmat Sungguh Raja Sembiring Suryawin, Paulana Christian Susanti, Rini Ayu Sutiamah, Titi Tejo, Eko Susanto Wahyu Purnama Sari wawan alowi Wijaya, Dion Untung Yeti Kurniati Yoga Gustiadi Yuninda Dwi Kartika Zarisnov Arafat