The transfer of cryptocurrency supervision from Bappebti to the Financial Services Authority (OJK) through Law No. 4 of 2023 (P2SK Law) is expected to bring investor protection standards in line with other financial sectors. However, this transition leaves a legal loophole in its implementing regulation, POJK No. 27 of 2024, which does not explicitly prohibit market manipulation practices. This study aims to analyse these legal gaps and formulate ideal protections. Using a normative juridical method that combines three approaches, namely legislation, comparison, and conceptual approaches, this study compares current crypto regulations with the Capital Market Law. The results show that POJK No. 27/2024 only focuses on institutional and operational aspects, without providing specific prohibitions on manipulative schemes such as pump and dump or wash trading. Therefore, this study recommends four steps for legal reconstruction: adopting prohibitive norms from the Capital Market Law, adapting market surveillance technology, implementing deterrent sanctions, and establishing a whistleblowing system mechanism, in order to ensure legal certainty for investors in Indonesia.

Buku

Widiarty, Wiwik Sri. Metode Penelitian Hukum. Yogyakarta: Publika Global Media, 2024.

Peraturan Perundang-Undangan

Undang-Undang Nomor 8 Tahun 1995 tentang Pasar Modal (Lembaran Negara Republik Indonesia Tahun 1995 Nomor 64)

Undang-Undang Nomor 4 Tahun 2023 tentang Pengembangan dan Penguatan Sektor Keuangan (Lembaran Negara Republik Indonesia Tahun 2023 Nomor 4)

Peraturan Otoritas Jasa Keuangan Nomor 27 Tahun 2024 tentang Penyelenggaraan Perdagangan Aset Keuangan Digital Termasuk Aset Kripto (Lembaran Negara Republik Indonesia Tahun 2024 Nomor 38/OJK)

Jurnal

Aulia, Keysha Nashwa, dkk. “Kepastian Hukum Dan Keadilan Hukum Dalam Pandangan Ilmu Komunikasi.” Jurnal Sains Student Research 2, no. 1 (2024): 713–724. https://doi.org/10.61722/jssr.v2i1.1006

Farikhah, Mufatikhatul. “Rekonseptualisasi Judicial Pardon dalam Sistem Hukum Indonesia (Studi Perbandingan Sistem Hukum Indonesia Dengan Sistem Hukum Barat).” Jurnal Hukum & Pembangunan 48, no. 3 (2018): 557–587. https://doi.org/10.21143/jhp.vol48.no3.1746.

Hidayat, Beni Darmawan, dan Muhamad Hasan Sebyar. “Implikasi Hukum Perpindahan Pengawasan Aset Kripto dari Bappebti ke OJK terhadap Pelaku Industri dan Investor.” HAKIM: Jurnal Ilmu Hukum dan Sosial 2, no. 4 (2024): 888–889. https://doi.org/10.51903/9hy8j285

Julyano, Mario, dan Aditya Yuli Sulistyawan. “Pemahaman Terhadap Asas Kepastian Hukum Melalui Konstruksi Penalaran Positivisme Hukum.” Jurnal Crepido 1, no. 1 (2019): 13–22. https://doi.org/10.14710/crepido.1.1.13-22

Nurhayati, Yati, Ifrani, dan M. Yasir Said. “Metodologi Normatif Dan Empiris Dalam Perspektif Ilmu Hukum.” Jurnal Penegakan Hukum Indonesia (JPHI) 2, no. 1 (2021): 2–20. https://doi.org/10.51749/jphi.v2i1.14

Subkhi, Aziz Shaibbul, dan Riky Rustam. “Perlindungan Hukum Investor atas Potensi Terjadinya Praktik Monkey Business Dalam Transaksi Kripto di Bursa Komoditi.” Jurnal Prosiding Seminar Hukum Aktual 2, no. 1 (2024): 18–36.https://journal.uii.ac.id/psha/article/view/33478n.

Sudiyatna, Yudi, dan Muhaimin. “Perlindungan Hukum Bagi investor Pada transaksi aset kripto (Crypto Asset) Pada Bursa Berjangka komoditi.” Jurnal Jatiswara 37, no. 2 (2022): 212–219.https://doi.org/10.29303/jtsw.v37i2.410

Suryawijaya, Tito Wira Eka. “Memperkuat Keamanan Data melalui Teknologi Blockchain: Mengeksplorasi Implementasi Sukses dalam Transformasi Digital di Indonesia.” Jurnal Studi Kebijakan Publik 2, no. 1 (2023):55–67. https://doi.org/10.21787/jskp.2.2023.55-68

Syafdinan, Dhidan Akbar, Nana Suryana, dan Laksmie Wulan. “Perlindungan Hukum Terhadap Korban Crypto Dihubungkan Dengan Undang-Undang Nomor 8 Tahun 1999 Tentang Perlindungan Konsumen.” Jurnal Panorama Hukum 8, no. 2 (2023): 140–151. https://doi.org/10.21067/jph.v8i2.9178

Pidato/Laporan

Eigelshoven, Felix, André Ullrich, dan Douglas Parry. “Cryptocurrency Market Manipulation: A Systematic Literature Review.” Makalah dipresentasikan pada Forty-Second International Conference on Information Systems, Texas, 25 Oktober 2021.

Ferko, Alex, Scott Mixon, dan Esen Onur. “Retail Traders in Futures Markets.” Laporan. Washington, D.C: Office of the Chief Economist Commodity Futures Trading Commission, 15 Februari 2024.

Pacheco, Lucía. “Implementing the principle of ‘same activity, same risk, same regulation and supervision’: activity vs entity-based frameworks.” Laporan. Madrid: Economic Watch BBVA Research, 14 Oktober 2021.

Website

American Bar Association. “Market Manipulation Developments.” Diakses 19 September 2025. https://www.americanbar.org/groups/business_law/resources/business-lawyer/2024-2025-winter/market-manipulation-developments/.

Kementerian Perdagangan Republik Indonesia. “Tumbuh 356,16 Persen Tahun Ini, Transaksi Aset Kripto Capai Rp 556,53 Triliun.” Badan Pengawas Perdagangan Berjangka Komoditi (Bappebti). Diakses 15 September 2025. https://bappebti.go.id/siaran_pers/detail/15717.

Kumparan. “Fakta-fakta soal Anjloknya Aset Kripto Terra LUNA.” Kumparan Bisnis. Diakses 16 September 2025. https://kumparan.com/kumparanbisnis/fakta-fakta-soal-anjloknya-aset-kripto-terra-luna-1y4QoBRIq3b.

Tempo. “OJK Terbitkan Aturan Main Perdagangan Aset Kripto.” Tempo.co. Diakses 23 September 2025. https://www.tempo.co/ekonomi/ojk-terbitkan-aturan-main-perdagangan-aset-kripto-1185674.