Analysis Of Sharia Compliance In Cryptocurrency Investment Practices In Indonesia
DOI: https://doi.org/10.26618/rh5zq154
Abstract
The development of cryptocurrency in Indonesia as an investment instrument has shown significant growth, but it still faces challenges in terms of regulation, consumer protection, high price volatility, and potential incompatibility with sharia principles, particularly those related to gharar, maysir, and riba. This study aims to analyze the legal position of crypto assets in national regulations and evaluate their level of Sharia compliance for Muslim investors in the context of digital muamalah. This study uses a qualitative method with a descriptive-analytical approach through content analysis of academic literature, fatwas from scholars, regulations from the Commodity Futures Trading Regulatory Agency (Bappebti), and related industry reports. The results of the analysis show that cryptocurrency in Indonesia is legally positioned as an investment commodity and not as a legal tender. From a Sharia perspective, cryptocurrency compliance is conditional and highly dependent on the characteristics of the asset and its transaction mechanisms. Highly speculative crypto assets without clear underlying assets tend to carry the risk of non-compliance with Sharia law, while instruments such as stablecoins and profit-sharing schemes have greater potential for compliance if they meet the principles of transparency, clarity of transaction objects, and freedom from usury. This study confirms that cryptocurrency cannot be classified absolutely as halal or haram, but rather requires contextual assessment. These findings contribute to strengthening the regulatory discourse and form the basis for the development of Sharia-based crypto investment standards in Indonesia.
References
Abdalrazzaq, Z. (2024). Crypto-currency from an Islamic Perspective(Critical Analysis of Literature). 7(1).
Abigail, K. J. (2025). Analisis Yuridis terhadap Investasi Cryptocurrency dalam Kerangka Hukum Ekonomi Syariah di Indonesia. Ekopedia: Jurnal Ilmiah Ekonomi, 1(2), 449–458. https://doi.org/10.63822/kd7fp567
Alfin, Moh. H., Idayanti, S., & Rahayu, K. (2024). Regulasi Dan Mekanisme Jual Beli Aset Kripto Di Indonesia. Jurnal Ilmiah Mahasiswa Ekonomi Syariah (JIMESHA), 3(2), 179–188. https://doi.org/10.36908/jimesha.v3i2.312
Farida, A., Hafifah, N., & Nuryani, N. (2025). Cryptocurrency: Sahkah Sebagai Alat Tukar dalam Perspektif Islam? ESKALASI JOURNAL: Ekonomi Syariah, Keuangan, Akuntansi, Digital dan Studi Islam, 1(1), 57–70.
Hasan, Z., Wiryadi, W., Fadhulrrahman, A., Dimas, M., & Jabbar, R. D. A. (2024). Regulasi Penggunaan Teknologi Blockchain Dan Mata Uang Kripto Sebagai Tantangan Di Masa Depan Dalam Hukum Siber. Birokrasi: Jurnal Ilmu Hukum dan Tata Negara, 2(2), 55–69. https://doi.org/10.55606/birokrasi.v2i2.1163
Herman, Husna, J., Biddinika, M. K., Yulianto, D., Fitriah, F., & Suwanti, S. (2024). Kerangka Sistem Aset Digital pada Infrastruktur Blockchain yang Sejalan dengan Syariah Islam. JIPI (Jurnal Ilmiah Penelitian dan Pembelajaran Informatika), 9(2), 768–781. https://doi.org/10.29100/jipi.v9i2.5431
Hidayat, A. S., Ali, AM. H., Yunus, N. R., & Helmi, M. I. (2023). Mata Uang Kripto (Legalitas Fikih dan Hukum di Indonesia). Pascal Book Jakarta.
Huda, M., & Soelistyo, P. A. (2025). Analisis Hukum Islam dan Hukum Positif di Indonesia Terhadap Investasi Cryptocurrency. Journal of Islamic Economics, Banking, and Social Finance, 1(1), 42–54. https://doi.org/10.61111/jiebsf.v1i1.794
Ilham, M., & Pamungkas, E. D. (2024). Transaksi Cryptocurrency Dalam Perspektif Hukum Islam. Tabayyanu: Journal of Islamic Law, 1(2), 75–87.
Indonesia, B., Indonesia, K. P. R., & Keuangan, O. J. (2025). JOINT PRESS RELEASE Commodity Futures Trading Regulatory Agency (Bappebti) of Indonesian Ministry of Trades Transfers Regulation and Supervision Duties on Digital Financial Assets, including Crypto Assets and Derivatives, to OJK and BI. Bank Indonesia, Kementrian Perdagangan Republik Indonesia, Otoritas Jasa Keuangan.
Indonesia, B. R. (2019, February 8). Peraturan Badan Pengawas Perdagangan Berjangka Komoditi No 5 Tahun 2019. Badan Pengawas Perdagangan Berjangka Komoditi Republik Indonesia.
Indonesia, D. S. N. M. U. (2017). Fatwa Dewan Syariah Nasonal-Majelis Ulama Indonesia No. 116/DSN-MUI/IX/20I7. Dewan Syariah Nasional Majelis Ulama Indonesia.
Indonesia, K. R. (2018, September 20). Peraturan Menteri Perdagangan Republik Indonesia No. 99 Tahun 2018. Kementrian Perdagangan Republik Indonesia.
Indonesia, P. R. (2011). Undang-Undang Republik Indonesia No. 7 Tahun 2011. Pemerintah Republik Indonesia.
Khanim, N. A. (2023). Analisis Jual Beli Token Kripto I-Coin Wirda Mansur Perspektif Peraturan Menteri Perdagangan No. 99 Tahun 2018 dan Hukum Ekonomi Syariah. Universitas Nahdlatul Ulama Sunan Giri.
Lathifa, L., Syahfitri, A. A., Wishri, I. A., & Hidayat, T. (2025). Analisis Pengharaman Cryptocurrency dan Aset Digital dalam Perspektif Fikih Islam (Analisis Fatwa DSN-MUI No. 116/DSNMUI/IX/2017). SALSABIL: Jurnal Syariah dan Hukum Ekonom, 1(1), 32–46. https://doi.org/10.2139/ssrn.4909110
Masykur, M., & Hakim, L. (2025). Fundamental Cryptocurrency (Tinjauan Konseptual dan Ekonomi Syariah). Ats-Tsarwah: Jurnal Hukum Ekonomi Islam, 5(1), 20–35.
Muhammad, A. M., Khan, A., & Pasoon, H. (2025). Shari’ah and Digital Currencies: Analyzing Cryptocurrency in the Islamic Finance Framework. https://doi.org/10.5281/ZENODO.15294173
Mu’minin, N. L., Emiati, R. F., Raisa, N., & Sucifa, A. S. (2024). Crypto sebagai Sarana Investasi Syariah Berkelanjutan. Trending: Jurnal Manajemen dan Ekonomi, 2(2), 174–184. https://doi.org/10.30640/trending.v2i2.2287
Pranata, W. A., Arisanty, L., & Haq, G. Z. (2025). Analysis of the Impact of Islamic Economics on the Launch of Cryptocurrency by Religious Leaders in Indonesia. Journal of Scientech Research and Development, 7(1), 503–511.
Purnama, W. W. (2022). Regulasi Mata Uang Kripto di Indonesia: Pandangan Regulator dan Implikasi Hukum bagi Ekonomi Masyarakat. Jurnal Penelitian Serambi Hukum, 15(02), 96–101. https://doi.org/10.59582/sh.v15i02.922
Rahman, Y. M., Jastisia, M., Barora, S., Jaya, B. P. M., & Anditya, A. W. (2024). Legal Reform for Investor Protection in Indonesian Crypto Markets: A Comparative Analysis With The MiCA Framework. Jurnal Wawasan Yuridika, 8(2).
Rizieq, M. (2025). Keabsahan Kripto dalam Perspektif Hukum Ekonomi Syariah: Studi Kasus Fatwa DSN-MUI terhadap Aset Kripto. Jurnal Multidisiplin Ilmu Akademik, 2(4), 61–72.
Safari, R., Septiadi, F., Thania, F., & Saiin, A. (2025). Perdagangan Aset Kripto dalam Hukum Islam: Studi Fikih Muamalah. JSHI: Jurnal Hukum Dan Syariah Islam, 4(1), 67–79.
Sasra, A. D., & Baidhowi. (2025). Peran Pengawasan Otoritas Jasa Keuangan Terhadap Pinjaman Online Berdasarkan Undang-Undang Nomor 21 Tahun 2011. Media Hukum Indonesia (MHI), 3(3), 301–307. https://doi.org/10.5281/ZENODO.15612312
Septiningsih, I. (2024). Analisis Cryptocurrency sebagai Instrumen Transaksi di Indonesia. Jurnal Ilmiah Ekonomi Islam, 1(2), 25–31.
Suganda, R., Makraja, F., Ulum, K. M., & Nimah, R. (2024). Analisis Penetapan Hukum Islam Terhadap Perkembangan Cryptocurrency Melalui Pendekatan Saddu Dzari’ah. Legal Advice Journal Of Law, 10(3), 20–26.
Syarifuddin, Fitriana, Arfah, Rahmawati, I., Mulyono, S., Arafah, Muh., Rahayu, S. S., Suganda, A. D., Husna, A. I. N., & Muyasaroh. (2020). Ekonomi Syariah. Widina Bhakti Persada Bandung.
Wafan, A., Atmaja, D. S., & Luqman, L. (2025). Analisis Asas Manfaat dalam Instrumen Saham dan Crypto: Tinjauan Maqasid Syariah dalam Perspektif Ekonomi Islam. Jurnal Inovasi Manajemen dan Akuntansi Berkelanjutan, 6(3), 51–67.
Wahab, N. A., Kamis, N. S., Zainol, Z., & Mahfudz, A. A. (2023). Shariah Perspective on Crypto as Asset (Mal): Justifying the Needs of Estate Planning and Inheritance of Digital Asset. International Journal of Islamic Thought, 24(1). https://doi.org/10.24035/ijit.24.2023.278
Wijaksana, M. A., & Faishal, M. (2025). Kontribusi Pemahaman Hadis dalam Memahami Hukum Cryptocurrency. Jurnal Alwatzikhoebillah : Kajian Islam, Pendidikan, Ekonomi, Humaniora, 11(2), 1037–1050. https://doi.org/10.37567/alwatzikhoebillah.v11i2.4361
Downloads
Published
Issue
Section
License
Copyright (c) 2026 Nur Aini Mar'atus Solichah, Nur 'Afina Arif, Muhammad Fachrul Fathoni, Ahmad Muis
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
Dalam hal artikel diterima oleh Tim Editorial Jurnal Hukum Ekonomi Syariah, dengan nomor terdaftar ISSN 2549-4872 (print), ISSN 2654-4970 (Online) dan Penulis mempertahankan hak cipta dan memberikan jurnal hak publikasi pertama dengan karya yang secara bersamaan dilisensikan di bawah Lisensi Atribusi Creative Commons yang memungkinkan orang lain untuk berbagi karya dengan pengakuan atas kepenulisan karya dan publikasi awal dalam jurnal ini.
Prodi Hukum Ekonomi Syariah, Fakultas Agama Islam, Universitas Muhammadiyah Makassar sebagai penerbit Jurnal Hukum Ekonomi Syariah, dengan nomor terdaftar ISSN 2549-4872 (print), ISSN 2654-4970 (Online) memegang hak publikasi pertama semua artikel yang diterbitkan dalam jurnal ini.
Prodi Hukum Ekonomi Syariah, Fakultas Agama Islam, Universitas Muhammadiyah Makassar memiliki hak untuk mereproduksi dan mendistribusikan artikel dan penulis tidak diizinkan untuk menerbitkan artikel yang sama yang diterbitkan dalam jurnal ini.
Pernyataan Keaslian dan Naskah Hak Cipta dapat diunduh: di sini
Setelah mengisi surat pernyataan, silakan kirim via email: jurnal.hes@gmail.com
License:
Jurnal Hukum Ekonomi Syariah is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License. View My Stats
Authors are free to:
Share: copy and redistribute the material in any medium or format
Adapt: remix, transform, and build upon the material for any purpose, even commercially.
The licensor cannot revoke these freedoms as long as you follow the license terms. which include the following:
Attribution: You must give appropriate credit, provide a link to the license, and indicate if changes were made. You may do so in any reasonable manner, but not in any way that suggests the licensor endorses you or your use.
ShareAlike: If you remix, transform, or build upon the material, you must distribute your contributions under the same license as the original.
