Sharia Governance of Crypto Assets in Indonesia: Regulatory Classification, Gharar Maysir Risks, Qabḍ, and a Three-Level Compliance Framework
Keywords:
Crypto Assets, Digital Finance, Gharar, Islamic Law, Sharia GovernanceAbstract
Indonesia’s regulatory treatment of crypto assets changed materially when supervision of digital financial assets moved to the Financial Services Authority under the Financial Sector Development and Strengthening Law. OJK Regulation No. 27 of 2024 became effective in January 2025, and OJK Regulation No. 23 of 2025 subsequently expanded the framework, including digital-asset derivatives. This regulatory classification does not resolve the separate Islamic-law question whether a particular crypto asset or transaction satisfies requirements concerning māl, lawful utility, ownership, qabḍ, gharar, maysir, and prohibited speculation. The article uses doctrinal legal research and a structured review of recent DOI-bearing literature on cryptocurrency, Islamic finance, fintech governance, and digital-asset regulation. It distinguishes asset permissibility from transaction permissibility and market-infrastructure compliance. The findings show that binary halal/haram labels are inadequate for a heterogeneous asset class whose tokens differ in rights, utility, backing, governance, and trading structure. The article proposes a three-level Sharia screening model covering asset characteristics, transaction design, and market conduct, supported by custody, disclosure, conflict-of-interest, and consumer-protection controls. The model enables Sharia analysis to respond to regulatory development without equating administrative authorization with religious permissibility.
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References
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