Journal of Private and Commercial Law

Legal Protection for Crypto Asset Customers in Indonesia Against Investment Losses in Botxcoin

2025-05-22T04:57:35+00:00

This study examines legal protection available to investors who have incurred financial losses following their investment in the Botxcoin crypto asset, within the framework of prevailing Indonesian regulatory instruments. Botxcoin has been officially designated as a legally tradable crypto asset pursuant to the Decree of PT Central Financial X Number: CFX/DIR-SK/004/IV/2025 concerning the Determination of the List of Crypto Assets, and its recognition is reinforced by the Financial Services Authority Regulation (POJK) Number 27 of 2024, which governs the supervision and licensing of crypto asset trading in Indonesia. Despite this formal legal status, the research reveals a lack of adequate legal remedies for affected investors. Employing a normative juridical methodology through statutory, conceptual, and case-based approaches, the study assesses the scope of regulatory oversight and the responsibilities of licensed physical crypto asset traders such as Indodax. The findings indicate the existence of a regulatory vacuum concerning restitution and compensation mechanisms for investor losses. This underscores the urgent need for the enhancement of investor protection frameworks, stricter enforcement of accountability standards for trading platforms, and greater investor vigilance to foster a more transparent and secure digital asset trading environment in Indonesia.

Carbon Exchange Trading and Monitoring Scheme In Indonesia and New Zealand

2025-07-22T05:06:37+00:00

Climate change caused by greenhouse gas emissions has led countries like Indonesia and New Zealand to develop carbon trading systems as mechanisms to reduce emissions. This study aims to analyze the differences in the structure and oversight of carbon market regulation between Indonesia and New Zealand, as well as to assess the effectiveness of their implementation. The research uses normative legal methods, combining comparative and statutory approaches. The findings indicate that Indonesia officially launched its carbon exchange in 2023, regulated by the Financial Services Authority (OJK) and implemented through a market-based mechanism. In contrast, New Zealand has operated its Emissions Trading Scheme (NZ ETS) since 2008 using a closed-bid auction system with robust compliance monitoring by the Environmental Protection Authority (EPA). The study compares three key aspects: legal regulation, trading mechanisms, and supervision systems. The results reveal that New Zealand has more advanced obligations for sectors, price setting, and risk-based auditing, while Indonesia faces challenges in regulatory clarity and market participation. The study recommends strengthening Indonesia’s legal framework and reporting mechanisms to enhance the carbon market’s effectiveness and contribute meaningfully to emission reduction targets.

Legal Protection for Creditors of Promissory Notes in Case of Debtor Default: A Comparative Study between Indonesia and Singapore

2025-06-02T07:50:13+00:00

A promissory note is a negotiable instrument governed by the Commercial Code in Indonesia and the Bills of Exchange Act 1949 in Singapore. This research conducts a comparative legal study concerning the legal protection afforded to creditors of promissory notes in cases of debtor default. This research aims to analyze the legal protection afforded to promissory note holders in cases of debtor default under Indonesia and Singaporean law. The objective of this study is to examine the legal basis for the use of promissory notes and the extent of protection granted to creditors when the debtor fails to pay at maturity. Using normative legal research methods, the study applies a statute approach, a comparative approach, and a conceptual approach. The results show that the legal framework in Indonesia still contains several weaknesses. A significant limitation of Indonesian law is the unavailability of collateral arrangements, which stands in contrast to the Singaporean legal system that accomodates the use of tangible assets as collateral security, thereby affording creditors enhanced legal protection. Moreover, the regulatory framework in Indonesia remains ambiguous with regard to installment payments; while one provision renders promissory notes invalid if paid by installment, another permits partial payment by the debtor. Based on the findings, this study recommends comprehensive reform of Indonesia’s legal framework governing promissory notes. It also encourages parties to exercise caution when using promissory notes as credit instruments. The research highlights the importance of clear legal standards to ensure effective creditor protection and legal certainty in financial transactions involving promissory notes.

The Concept of Wasiat and Wasiat Wajibah in Indonesia From The Perspective of The Compilation of Islamic Law (KHI)

2025-08-19T05:05:34+00:00

Wasiat and wasiat wajibah hold a significant position in Islamic law, particularly in the distribution of assets after the death of a decedent. Both share the same objective of granting rights to certain parties and take effect after the testator’s death, yet they differ in nature and implementation. Wasiat is voluntary and based on the will of the testator, whereas wasiat wajibah is a legal obligation granted to individuals who are not entitled to inheritance under Islamic law, such as adopted children or non-Muslim heirs. This study employs a normative legal research method with a statutory and jurisprudential approach. The primary legal source is Book II of the Compilation of Islamic Law (KHI), particularly Article 209 which regulates wasiat wajibah, while secondary sources include relevant literature and judicial decisions. The analysis is conducted qualitatively and descriptively by examining the consistency between legal norms and practice, and by connecting it with the principles of maqashid al-shariah. The findings indicate that the regulation of wasiat wajibah in KHI remains general and often results in multiple interpretations, making its implementation highly dependent on the role of judges. Several court decisions show that judges play a crucial role in determining the proportion of wasiat wajibah while maintaining fairness among heirs. In conclusion, more detailed provisions within KHI are necessary to ensure legal certainty, strengthen judicial discretion, and achieve justice as well as public benefit in the application of wasiat and wasiat wajibah in Indonesia.

Implementation of Social Function and Legal Protection in HGU Abandonment Cases

2025-10-30T08:00:56+00:00

This study examines the legal tension surrounding the designation of abandoned land on parcels held under the Right to Cultivate (Hak Guna Usaha/HGU), a domain where the certainty of proprietary rights intersects with the constitutional mandate of land’s social function. The research aims to provide a systematic formulation of legal protection available to HGU holders and to analyze how the social function principle is operationalized in determining abandoned land. Employing a normative-juridical approach, the study relies on statutory regulations, doctrinal analysis, and jurisprudence—particularly the Supreme Court Decision No. 137 PK/TUN/2016—to construct a comparative framework. The findings reveal a multi-layered structure of legal protection: preventive safeguards embedded in Government Regulation No. 20/2021 and Ministerial Regulation of ATR/BPN No. 20/2021, which require clarification procedures, tiered warnings, and field inspections; administrative safeguards grounded in the General Principles of Good Governance (AUPB) and the right to file objections; and repressive safeguards through judicial review of administrative decisions before the Administrative Court. Substantively, HGU is characterized as a conditional and limited right, inherently subject to the land’s social function. Consequently, the classifications of land as “unutilized” or “neglected” must be contextually assessed with reference to licensing documents, development obligations, and verifiable field conditions. Through qualitative and prescriptive analysis of legal sources, this study formulates recommendations aimed at strengthening legal certainty while ensuring alignment with the state’s authority to regulate land use in the public interest.