Legal Protection for Members in Buying and Selling Digital Assets with the Use of Bitcoin Cryptocurrency on the Indodax Indonesia Trading Platform
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This study examines the legal protection of members in digital asset buying and selling transactions with the use of the Bitcoin cryptocurrency on the Indodax Indonesia Trading Platform, in line with the recognition of crypto assets as a legal commodity traded on the Futures Exchange but still weak protection for transaction actors at the practical level. The main problems analyzed are: (1) what is the form of legal protection for members in Bitcoin digital asset buying and selling transactions on Indodax; and (2) what are the obstacles faced by members to obtain legal protection in the transaction. This research is descriptive-analytical with a normative juridical approach supported by empirical juridical evidence, using secondary data in the form of laws and regulations and literature, as well as primary data through interviews and surveys of related parties. The results of the study show that preventive legal protection is realized through the principle of freedom of contract and the legal terms of agreements in the Civil Code, the regulation of the implementation of electronic systems and transactions, the technical regulation of the physical market of crypto assets by Bappebti, the existence of the OJK Investment Alert Task Force, the regulation of technological innovation in the financial sector, and the consumer protection regime that requires the provision of correct and adequate information to members. Meanwhile, repressive legal protection is available through criminal instruments against fraud and misleading information, lawsuits for default for violations of investment agreements, and lawsuits for unlawful acts for aggrieved members. However, the effectiveness of this protection is still hampered by internal constraints in the form of privacy leaks due to weak security protocols, as well as external constraints in the form of low members' understanding of the crypto market, misinformation about traded assets, identity theft and impersonation, and profiteering of PT Indodax's name by irresponsible individuals.
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