Muhammad Azam
Al-Iraqia University, Baghdad, Iraq

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Legal Framework For Crypto Asset Trading As An Effort To Protect Consumers In Indonesia Otih Handayani; Esther Masri; Panti Rahayu; Achmad J. Pamungkas; Muhammad Azam
Pena Justisia: Media Komunikasi dan Kajian Hukum Vol. 24 No. 2 (2025): Pena Justisia
Publisher : Faculty of Law, Universitas Pekalongan

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.31941/pj.v24i2.7134

Abstract

Cryptocurrency has emerged as a disruptive and revolutionary asset in the global financial landscape, transforming how individuals and organizations conduct financial transactions. In Indonesia, cryptocurrency is prohibited as a means of payment but is permitted as a digital asset (crypto asset) that can be traded. Crypto assets operate through a decentralized system that lies outside the control of the government and centralized authorities. As of October 2024, the number of crypto asset consumers in Indonesia reached 21.27 million, and throughout 2024, it has contributed to the development of the digital financial services sector, with transactions amounting to IDR 650.61 trillion. Volatility, illegal crypto asset traders, hacking, and scamming are among the key issues in crypto asset trading. This research is a doctrinal/normative legal study using a statutory approach. It is based on a literature review and analyzed qualitatively. The findings show that the Ijtima Ulama of the National Fatwa Commission VII in 2021 and OJK Regulation (POJK) No. 27 of 2024 indicate that the government is getting involved in crypto asset trading. However, several weaknesses in the POJK, including the unclear position of individual consumers and the absence of mandatory risk mitigation requirements for traders, may result in the lack of security guarantees for consumer crypto assets.
Contemporary Trade Governance and Cross-Border Data Flows: A Comparative Study of Sharīʿah Principles and International Legal Frameworks Muhammad Azam; Naji Mohammad Alwreikat; Burhan Alsyouf; Abdel Salam Atwa Ali Al Fandi; Rawdah Abdul Karim Mohammad Pharaon
MILRev: Metro Islamic Law Review Vol. 5 No. 1 (2026): MilRev: Metro Islamic Law Review
Publisher : Faculty of Sharia, UIN Jurai Siwo Lampung

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.32332/milrev.v5i1.13387

Abstract

The rapid expansion of the digital economy has transformed international commerce, making cross-border data flows a crucial component of global trade governance. The increasing reliance on digital platforms, cloud computing, and data-driven services has generated legal challenges related to data privacy, cybersecurity, digital sovereignty, and regulatory fragmentation across jurisdictions. This study examines how contemporary legal frameworks regulate cross-border data governance and analyzes the tension between trade liberalization and regulatory control in digital trade systems. Using a qualitative doctrinal and comparative legal approach, the research evaluates the frameworks of the World Trade Organization (WTO), the European Union (EU), and major Indo-Pacific digital trade agreements. The analysis applies three criteria—legal enforceability, regulatory flexibility, and data protection intensity—to compare their approaches to digital trade governance and cross-border data flows. The findings reveal significant divergence among these frameworks, driven by differing regulatory philosophies and policy priorities. The WTO primarily emphasizes trade liberalization and non-discrimination, but lacks comprehensive mechanisms for data governance. In contrast, the EU adopts a rights-based model focused on robust data protection and regulatory oversight, while Indo-Pacific agreements favor flexible, market-oriented rules that facilitate data flows with limited restrictions. The study further finds that fragmentation in global digital governance is driven not only by regulatory differences but also by competing views of data as either an economic commodity or a protected legal right. The research concludes that effective global digital trade governance requires a harmonized framework balancing economic openness, data protection, cybersecurity, and national sovereignty. It proposes a principle-based harmonization model grounded in transparency, proportionality, interoperability, and regulatory accountability. Academically, this study contributes by developing a comparative analytical framework and by integrating Sharīʿah-based perspectives on ethical data governance, trust, and accountability into contemporary international debates on digital trade law.