International Journal of Law
International Journal of Law
International Journal of Law
Vol. 8, Issue 6 (2022)

Ideal legal arrangements for decentralized finance as a crypto asset ecosystem in Indonesia


Yazid Bustomi, Yudho Taruno Muryanto

Technology evolves with ambitions for fundamental changes in innovation practices that have an impact on human life. The presence of Decentralized Finance (DeFi) is a form of the technological revolution in the field of blockchain. This research will analyze the potential presence of DeFi in Indonesia and what is the ideal legal arrangement to guarantee the presence and implementation of DeFi in Indonesia. This legal research is normative research with a legal and conceptual approach. The legal materials used are primary and secondary legal materials. The results of the study state that based on an analysis of narrative economic theory, DeFi has great potential to be present in Indonesia. This is demonstrated by the positive narratives that the world is starting to build on DeFi and the facilitation of DeFi's presence in Indonesia through the 2020 Indonesian Business Field Standard Classification (KBLI) with code 62014 concerning Blockchain Technology Development Activities. An ideal regulation is needed to prepare for the presence and operation of DeFi in Indonesia by considering: a. risk identification; b. policy objectives; c. context; d. actions and approaches; e. stakeholders; f. target; g. risk mitigation; h. implications and consequences; l. effectiveness. These considerations must be adjusted to the norms that apply in Indonesia so that ideal legal regulations can be created to facilitate the presence of DeFi in Indonesia.
Download  |  Pages : 141-145
How to cite this article:
Yazid Bustomi, Yudho Taruno Muryanto. Ideal legal arrangements for decentralized finance as a crypto asset ecosystem in Indonesia. International Journal of Law, Volume 8, Issue 6, 2022, Pages 141-145
International Journal of Law