NEGREI: Academic Journal of Law and Governance
Vol 4, No 1 (2024)

The Legal Position of the Use of Blockchain Technology on the Validity of Stamp Duty in the Digital Age

Ariani, Relys Sandi (Unknown)
Setia Negara, Tunggul Anshari (Unknown)
Masykur, Mohammad Hamidi (Unknown)



Article Info

Publish Date
29 Jul 2024

Abstract

The integration of blockchain technology in stamp duty administration requires a clear legal framework to ensure effective implementation. This study evaluates the benefits and challenges of using blockchain in stamp duty imposition and provides regulatory framework recommendations. Using a normative legal approach and analysis of relevant legislation, the research shows that blockchain can significantly enhance efficiency, transparency, and security in the stamp duty process. The immutable nature of blockchain records ensures data integrity and reduces the risk of fraud. Moreover, smart contracts can automate and streamline the transaction process, minimizing human error. However, the adoption of blockchain faces challenges such as high initial costs and the need for regulatory adjustments. In conclusion, the adoption of blockchain in stamp duty administration necessitates comprehensive regulations to ensure the legality and validity of recorded transactions, providing a robust and reliable tax system for the digital age.

Copyrights © 2024






Journal Info

Abbrev

negrei

Publisher

Subject

Religion Humanities Environmental Science Law, Crime, Criminology & Criminal Justice Social Sciences

Description

Negrei : Academic Journal of Law and Governance established since 2021 based on SK Rector of IAIN Curup Number : 0108/In.34/R/KP.07.6/01/2021 of 20 June 2021. The journal aims to provide for legal and politic scholars and practitioners to accept and give constructive criticism to enhance their ...