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Bayu Indra Permana
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Acten Journal Law Review
Published by PT. Matra Cendikia Abadi
ISSN : 30640164     EISSN : 30640164     DOI : https://doi.org/10.71087/ajlr
Core Subject : Humanities, Social,
Humanities Law, Crime, Criminology & Criminal Justice Social Sciences
ACTEN JOURNAL LAW REVIEW is an academic journal jointly organized and operated by PT. Matra Cendikia Abadi, domicile in Jember, East Java. This objective of this journal comes from the current context of issues within the framework of notary law that need to be discussed from various kinds of approaches. Thus, the scope of this journal in consist of: Contract Law, Notary Law, Land Law, Civil Law, Business Law, Technology and Cyber Law, Tax Law, Inheritance Law, Islamic Banking Law. Emphasizing a combination of theoretical insights with practical applications, The Journal facilitate robust discussions on legal theory, policy implications, and comparative legal studies. However, it also accommodate several articles in general topic in each issue. Novelty and recency of issues, however, are the priority in publishing.
Arjuna Subject : Ilmu Sosial - Hukum
Articles 41 Documents
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Harmonisasi Peraturan Equity Crowdfunding pada Aplikasi Santara Azzahra, Syifa; Hariyani, Iswi; Wahjuni, Edi
Acten Journal Law Review Vol. 3 No. 1: Apr 2026
Publisher : PT Matra Cendikia Abadi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.71087/ajlr.v3i1.46

Abstract

The development of digital technology has driven a major transformation in the financial sector through financial technology (fintech) innovations, one of which is Equity Crowdfunding (ECF) that serves as a fundraising mechanism for businesses, particularly Micro, Small, and Medium Enterprises (MSMEs). In Indonesia, ECF is regulated under the Financial Services Authority Regulation Number 57 of 2020 and implemented by platforms such as Santara. However, its implementation faces legal challenges due to the lack of alignment with the Capital Market Law, which has not yet accommodated digital securities offerings, resulting in regulatory disharmony and legal uncertainty. This study aims to examine the harmonization of ECF regulations in Indonesia and analyze the legal consequences of ECF practices through the Santara application. The research employs a normative juridical method with statutory and conceptual approaches. The results show that before the enactment of Law No. 4 of 2023 concerning the Development and Strengthening of the Financial Sector, ECF regulations were solely based on the Financial Services Authority Regulation Number 57 of 2020, which holds a lower legal hierarchy than laws, causing regulatory overlap. The enactment of Development and Strengthening of the Financial Sector expands the definition of “securities” to include technology-based instruments and grants legal legitimacy to the Financial Services Authority to regulate and supervise ECF. In the context of Santara’s implementation, regulatory harmonization is crucial to ensure legal certainty, investor protection, and the accountability of platform operators so that crowdfunding activities can be carried out transparently and in accordance with modern capital market principles.

Page 5 of 5 | Total Record : 41

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