A Comparative Analysis of the Regulatory Framework for Crypto Assets as Commodities versus Securities and Its Implications for Investor Protection in Indonesia

Crypto assets have become a global phenomenon that is also growing rapidly in Indonesia, but their status remains subject to legal uncertainty. The debate over whether crypto assets should be categorized as commodities or securities has significant implications for regulatory direction, investor protection, and the stability of the national financial system. Regulation as a commodity emphasizes trade and market mechanisms, while regulation as a security focuses more on investor protection and transparency. This situation creates an urgent need for regulatory harmonization, given the potential risks arising from the lack of legal clarity, including potential investor losses, market manipulation, and weak oversight. This study seeks to examine the position of crypto assets within the Indonesian legal framework by comparing international regulatory practices, such as the stance of the Securities and Exchange Commission (SEC) in the United States and the Markets in Crypto-Assets (MiCA) regulations in the European Union. Economic Law Theory is used to understand the interaction of law with market dynamics, while Philipus M. Hadjon's Legal Protection Theory provides an analytical basis for preventive and repressive protection for investors. Furthermore, the principle of financial prudence is used as a basis for assessing the need for stronger oversight. The study's findings indicate that optimal investor protection can be achieved through clear regulations that firmly place crypto assets within the appropriate legal framework, with synergistic institutional coordination between Bappebti (Commodity Futures Trading Regulatory Agency), the Financial Services Authority (OJK), and Bank Indonesia. Going forward, comprehensive, specific regulations are essential to ensure the development of crypto assets is aligned with legal certainty, public protection, and strengthened national economic stability.