Consumer Protection in Commodity Futures Trading Transactions in the Physical Crypto Asset Market

Abstract

In 2014, cryptocurrencies entered Indonesia, introduced by a trading company named Indodax. Cryptocurrencies are distributed on the blockchain and have fluctuating prices. Since 2014 until now, cryptocurrencies have been widely used as an investment instrument by the Indonesian community. However, consumers/customers of cryptocurrencies still need to understand the limited regulations governing cryptocurrencies. There are also numerous issues related to cryptocurrencies in Indonesia, and consumer protection for customers in futures commodity trading transactions in the physical market of cryptocurrencies needs to be improved. The research method used is normative legal research with a statutory, case, and historical approach. The research findings reveal normative provisions and mechanisms for trading cryptocurrency futures, which begin with Law No. 32 of 1997 on Commodity Futures Trading and its amendments, the Regulation of Bappebti No. 3 of 2019 on Commodities Eligible as Futures Contract Subjects, Sharia Derivative Contracts, and Other Derivative Contracts Traded on Commodity Futures Exchanges, along with other Bappebti regulations. The mechanism for trading cryptocurrency futures in Indonesia is regulated by Bappebti Regulation No. 8 of 2021 on Guidelines for the Operation of Physical Market Trading of Crypto Assets (Crypto Asset) on Futures Exchanges and its amendments. The formulation of consumer protection for customers can be based on Bappebti regulations, OJK Regulation No. 6/POJK.07/2022 on Consumer and Community Protection in the Financial Services Sector, and Law No. 4 of 2023 on PPSK.