URGENSI PENERAPAN KERANGKA REGULASI ASET KRIPTO YANG KOMPREHENSIF, ADAPTIF, DAN AKOMODATIF
Abstract
Ringkasan Eksekutif
Perkembangan aset kripto di Indonesia sangat pesat. Namun regulasi yang mengaturnya masih ambigu, sektoral, dan belum komprehensif. Aset kripto saat ini hanya diakui sebagai komoditas untuk diperdagangkan dan investasi, padahal jenis dan fungsi aset kripto sangat beragam. Pemerintah Indonesia menggunakan kombinasi dua pendekatan kebijakan dalam regulasi aset kripto, yaitu Pendekatan Kerja Sama Pemerintah-Swasta dan Pendekatan Pembatasan. Kedua pendekatan tersebut mempunyai beberapa kekurangan dan menimbulkan arbitasi regulasi (regulatory arbitrage). Penyebab utama masalah ini adalah belum adanya taksonomi aset kripto yang disepakati oleh semua pihak. Berdasarkan Cost-Benefit Analysis, pendekatan kebijakan yang lebih tepat adalah kerangka regulasi yang komprehensif. Untuk itu direkomendasikan dua hal, yaitu 1) Kementerian Perdagangan melalui Badan Kebijakan Perdagangan perlu melakukan evaluasi menyeluruh terhadap regulasi terkait perdagangan aset kripto; dan 2) Kementerian Perdagangan melalui Badan Pengawas Perdagangan Berjangka Komoditi berkoordinasi dengan BI dan OJK serta instansi/stakeholder terkait untuk membuat taksonomi aset kripto. Diharapkan dengan kedua rekomendasi tersebut akan dihasilkan kerangka regulasi yang komprehensif, adaptif dan akomodatif, serta menciptakan ekosistem blockchain yang inovatif, produktif dan berkontribusi terhadap pembangunan di Indonesia.
Kata Kunci: Teknologi Blockchain, Kerangka Regulasi, Taksonomi Aset Kripto, Arbitasi Regulasi
Executive Summary
The development of crypto assets in Indonesia has been high-speed. However, its regulations are still ambiguous, sectoral, and not comprehensive. Crypto assets currently are only recognized as commodities for trading and investment, even though the types and applications are very diverse. The Indonesian government uses a combination of two policy approaches in crypto asset regulation, The Balanced/Risk-Proportionate Approach and The Restrictive Approach. Both approaches have some drawbacks and lead to regulatory arbitrage. The main cause of this problem is the need for a crypto asset taxonomy agreed upon by all parties. Based on the Cost-Benefit Analysis, a more appropriate policy approach is a comprehensive regulatory framework. For this reason, two things are recommended: 1) Ministry of Trade through Trade Policy Agency needs to conduct a thorough evaluation of regulations related to crypto asset trading, and 2) Ministry of Trade through CoFTRA coordinate with BI, OJK, and related stakeholders to create a crypto asset taxonomy. With these two recommendations, comprehensive, adaptive, and accommodative regulations will be produced, which will create an innovative, productive blockchain ecosystem and contribute to Indonesia's development.
Key Words: Blockchain Technology, Regulation Framework, The Taxonomy of Crypto-Assets, Regulatory ArbitrageReferences
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