skip to main content

Legal Construction of Crypto Assets as Objects of Fiduciary Collateral

*Sri Mulyani scopus  -  Faculty of Law, Universitas 17 Agustus 1945 Semarang, Indonesia
Siti Mariyam  -  Faculty of Law, Universitas 17 Agustus 1945 Semarang, Indonesia
Hieu Hong Trung Le  -  Van Lang University, Viet Nam
Open Access Copyright 2023 LAW REFORM under http://creativecommons.org/licenses/by-sa/4.0.

Citation Format:
Abstract

Crypto assets have become the commodities traded on the Futures Exchange. Based on the data from the Ministry of Trade, the number of crypto asset investors in Indonesia will reach 11 million people by the end of 2021. The high level of crypto investment and public interest in crypto as a digital asset provide excellent opportunities for Indonesia's digital industry and economic growth. This research will discuss the use of crypto assets as objects of fiduciary collaterals and the legal framework used as a legal basis for crypto assets subject to fiduciary collaterals. The research methodology is normative juridical applied using a comparative approach to the laws in Indonesia and Vietnam because the rules regarding crypto assets in Vietnam are clearer. The data collected were secondary data, and the they were analysed using qualitative data analysis. The results of the study show that crypto assets are intangible movable objects that have economic value and can be transferred due to an agreement through each user's account so that conceptually crypto assets can be used as fiduciary collateral objects. However, considering that crypto assets are digital currencies cannot be predicted, legal protection for creditors holding crypto asset collaterals is still weak. In addition to the absence of regulations that specifically regulate crypto assets that can be used as objects of fiduciary collateral, there are also difficulties in execution, so there is a need for a construction legal umbrella that regulates crypto assets to be used as fiduciary collateral objects.

Note: This article has supplementary file(s).

Fulltext View|Download |  common.other
Untitled
Subject
Type Other
  Download (B)    Indexing metadata
 Research Instrument
Untitled
Subject
Type Research Instrument
  Download (56KB)    Indexing metadata
 Research Instrument
Untitled
Subject
Type Research Instrument
  Download (56KB)    Indexing metadata
Keywords: Legal Construction; Crypto Assets; Fiduciary Collateral Object

Article Metrics:

  1. Feinstein, Brian D., & Werbach, Kevin. (2021). The Impact of Cryptocurrency Regulation on Trading Markets. Journal of Financial Regulation,Vol.7,(No.1),pp.48–99. https://doi.org/https://doi.org/10.1093/jfr/fjab003
  2. Rahayu, Derita Prapti., Faisal., Sari, Rafiqa., & Satrio, Ndaru.(2020). Law Enforcement in the Context of Legal Culture in Society. Law Reform, Vol.16, (No.2), pp.276–289. https://doi.org/10.14710/lr.v16i2.33780
  3. Sehra, Avtar., Cohen, Richard., & Arulchandran, Vic. (2018). On cryptocurrencies, digital assets and private money. Journal of Payments Strategy & Systems, Vol.12, (No.1), pp.13–32. https://www.ingentaconnect. com/content/hsp/jpss/2018/00000012/00000001/art00004?crawler=true&mimetype=application/pdf
  4. Nakamoto, S. (2008). Bitcoin: A Peer-to-Peer Electronic Cash System. Consulted, pp.1–9. http://doi.org/10.1007/s10838-0089062-0
  5. Urquhart, A. (2016). The inefficiency of Bitcoin. Economics Letters, Vol.148, pp.80-82. https://doi.org/10.1016/j.econlet.2016.09.019
  6. Nurhisam, L. (2017). Bitcoin Dalam Kacamata Hukum Islam. Ar Rinairy, Vol.4, (No.1),pp.165-186. http://dx.doi.org/10.22 373/jar.v4i1.7526
  7. Sukumaran, Shangeetha., Bee, Thai Siew., & Wasiuzzaman, Shaista. (2022). Cryptocurrency as an Investment: The Malaysian Context. Risks, Vol.10, (No.4), pp.83-107. https://doi.org/10.3390/risks 10040086
  8. Inozemtsev, M.I. (2020). Digital Assets in the United States: Legal Aspects. Engineering Economics: Decisions and Solutions from Eurasian Perspective, Vol.139, (No.3), pp.514–522. DOI: 10.1007/978-3-030-53277-2_61
  9. Dang, Thu T. (2019). Current situation of cryptocurrency in Vietnam. Asian Journal of Business Environment, Vol.9, (No.4),pp.29-34.doi: 10.13106/jbees.2019.vol9.no4.29
  10. Andre, J. (2022). Using Cryptocurrency to Increase Student Motivation and Agency: Thoughts from Vietnam. International Journal of Emerging Technologies in Learning; Vienna Vol.17, Issue 12,pp.4-15. DOI: 10.3991/ijet.v17i12.30475
  11. Faridah, H. (2018). Jenis-jenis Tindak Pidana Perbankan dan Perbandingan Undang-undang Perbankan. Positum, Vol.3, (No.2),pp.106–125. https://doi.org/10.35706/positum.v3i2.2896
  12. Nguyen, Trong, Van., Truong, Tung Vu., & Lai, Cuong Kien. (2022). Legal challenges to combating cybercrime: An approach from Vietnam. Crime, Law and Social Change, Vol.77,(No.3),pp.231-252. https://doi.org/10.1007/s10611-021-09986-7
  13. Honggowongso, Muhammad Said., & Kholil, Munawar. (2021). Legalitas Bitcoin Dalam Transaksi E-Commerce Sebagai Pengganti Uang Rupiah. Jurnal Privat Law, Vol.9, (No.1,Januari-April),pp.143–154. https://doi.org/10.20961/privat.v9i1.28942
  14. Rohman, M. Najibur. (2021). Tinjauan Yuridis Normatif Terhadap Regulasi Mata Uang Kripto (Crypto Currency) di Indonesia. Jurnal Supremasi, Vol.11, (No.2), pp.1-10. https://doi.org/10.35457/supremasi.v11i2.1284
  15. Nurcholis, Manggala Rizal., Suarda, I Gede Widhiana., & Prihatmini, Sapti. (2021). Penegakan Hukum Tindak Pidana Pencucian Uang dalam Penyalahgunaan Investasi Aset Kripto. Jurnal Anti Korupsi, Vol.11,(No.2),pp.21–40. https://doi.org/10.19184/jak.v3i2.26765
  16. Rahman, Irham., Sudarmanto, Hery Lilik., & Widayati, Satriyani Cahyo. (2020). Kajian Yuridis Jaminan Kebendaan Pada Digital Aset Sebagai Objek Jaminan. Jurnal Transparansi Hukum, Vol.03, (No.02). https://doi.org/10.30737/transparansi.v3i2.2712
  17. Wardhana, Teguh Wisnu., & Muryanto, Yudho Taruno. (2019). Analisis Perjanjian Para Pihak Yang Melakukan Transaksi Jual Beli Bitcoin Yang Menggunakan Fasilitas Website Indodax. Jurnal Hukum Dan Pembangunan Ekonomi, Vol.7, (No.2), p.283. https://doi.org/10.20961/hpe.v7i2.43019
  18. Cision. (2022). AEX has launched a National Plan and established a $ 100 million fund to support Vietnam’s s blockchain ecosystem. Retrieved from https://www.prnewswire. com/news-releases/aex-has-launched-a-national-plan-and-established-a-100-million-fund-to-support-vietnams-blockchain-ecosystem-301506614.html
  19. Chainalysis. (2021). The 2021 Geography of Cryptocurrency Report. Analysis of Geographic Trends in Cryptocurrency Adoption and Usage. Retrieved from https://go.chainalysis.com/2021-geography-of-crypto.html
  20. Cointelegraph. (2022). An overview of the cryptocurrency regulations in Asia. Retrieved from https://cointelegraph.com/ cryptocurrency-regulation-for-beginners/an-overview-of-the-cryptocurrency-regulations-in-asia
  21. Fauzia, M. (2021). Aset Kripto: Pengertian dan Aturan Penggunaannya di Indonesia. Retrieved from https://money.kompas.com/ read/2021/10/03/123409326/aset-kripto-pengertian-dan-aturan-penggunaannya-di-indonesia?page=all
  22. Globe Newswire. (2022). Vietnam Blockchain Association and Binance officially enter strategic cooperation. Retrieved from https://www.globenewswire.com/news-release/2022/06/06/2456385/0/en/Vietnam-Blockchain-Association-and-Binance-officially-enter-strategic-cooperation.html
  23. Ly, Luu H. (2022). Smart contracts prompt the need to improve the legal system. Retrieved from https://vietnamlawmagazine.vn/smart-contracts-prompt-the-need-to-improve-the-legal-system-48238.html
  24. Prodent, L. (2021). Vietnam to Start Regulating Cryptocurrencies. Retrieved from https://www.aseanbriefing.com/news/vietnam-to-start-regulating-cryptocurrencies/
  25. Quang, Truong Nhat., Hang, Nguyen Thu., & Duong, Nguyen Duy. (2022). How to Classify and Regulate Crypto in Vietnam?. Retrieved from https://www.lexology.com/ library/detail.aspx?g=88a6df76-f9a8-4794-9417-3e7747ea3b0c
  26. Imanda, N. (2020). Aset Kripto Sebagai Objek Lembaga Jaminan Gadai Dalam Praktik Peer-To-Peer Lending. Universitas Airlangga

Last update:

No citation recorded.

Last update: 2024-11-05 09:23:27

No citation recorded.