Perlindungan Hukum Terhadap Investor Dalam Initial Coin Offering Di Indonesia

ARAYA ANGGARA PUTRA, Prof. M. Hawin S.H., LL.M., Ph.D.

2018 | Skripsi | S1 HUKUM

Penelitian ini bertujuan untuk mengetahui legalitas Initial Coin Offering sebagai metode pengumpulan dana (crowdfunding) yang merupakan suatu bentuk pengumpulan dana baru di Indonesia yang menggunakan teknologi finansial blockchain, hubungan hukum yang tercipta dalam Initial Coin Offering, dan perlindungan hukum terhadap Investor dalam Initial Coin Offering di Indonesia. Metode penelitian yang digunakan adalah normatif-empiris meliputi studi kepustakaan melalui analisis berdasarkan pada instrumen hukum yang relevan, buku dan jurnal serta dikombinasikan dengan studi lapangan berupa wawancara dengan narasumber dari Bank Indonesia, Otoritas Jasa Keuangan, akademisi, dan PT Ciptalintang Aji Dana selaku Penyelenggara ICO secara langsung. Setelah mendapat materi terkait dari studi kepustakaan dan studi lapangan, akan dianalisis mengenai masalah yang bersangkutan. Terhadap hasil penelitian dan pembahasan dalam Penulisan Hukum ini, diperolah tiga kesimpulan. Pertama, untuk menentukan legalitas ICO di Indonesia perlu meninjau dari mata uang yang digunakan dalam sistem pembayarannya dan jenis token yang diterbitkan. Apabila Penyelenggara ICO menggunakan virtual currency dalam sistem pembayarannya dan/atau menerbitkan Native Utility Tokens, maka ICO tersebut ilegal. Kedua, Penyelenggaraan ICO merupakan peristiwa hukum yang menciptakan hubungan hukum perjanjian yang memberikan akibat hukum bagi pihak Investor dan pihak Penyelenggara ICO. Pada praktiknya hak dan kewajiban tersebut secara sepihak dirumuskan oleh pihak Penyelenggara ICO dalam Kontrak Elektronik berupa White Paper maupun Perjanjian Syarat dan Ketentuan (Terms and Conditions Agreement). Sehingga apabila ketentuan di dalam hal di atas memenuhi unsur syarat sahnya perjanjian sebagaimana diatur dalam Pasal 1320 KUHPerdata, ICO melahirkan perikatan yang berasal dari perjanjian bagi pihak Investor dan Penyelenggara ICO. Ketiga, terdapat perlindungan hukum preventif dan represif terhadap Investor dalam ICO yang diatur dalam hukum Indonesia.

This legal research aims to understand the legality of Initial coin Offering as one of the methods of crowdfunding which considered as a new method of crowdfunding in Indonesia by using Blockchaing Technology, legal relation that is established in Initial Coin Offering and the legal protection towards the investor of Initial Coin Offering in Indonesia. The methodology of legal research that is used in this legal research is normative-emphirical which cover library research by analyzing the relevant legal instruments, books and journals which are also combied through the field study by the means of interview the relevant institutions such as Bank Indonesia, Otoritas Jasa keuangan, lecturers and PT Ciptalintang Aji Dana as the direct ICO organizer. After the relevant materials have been obtained through the library resarch and field study, it will be further analyzed with the arising problems. Through the analysis of this legal research, it has been obtained three conclusions. First, in determining the legality of ICO in Indonesia, it is necessary to analyze the monetary currency that is used as the payment system and the types of token which are issued. If the organizer of ICO use virtual currency as the payment system and/or issue Native Utility Tokens, therefore ICO shall be considered as illegal. Second, the application of ICO is considered as legal event which establish legal relation in the form of agreement and establishes legal consequences for the parties namely investor and the organizer of ICO. In the practice, the right and obligation are formulaized single-handedly by the organizer of ICO in the electronic contract in the form of white paper and the terms and conditions agreement, Thus, if the aforementioned agreement satisfy the requirements of agremeent which is regulated under article 1320 Civil Code, ICO establishes legal relation that arises from the agreement between the investor and the ICO organizer. Third, there is a preventive and repressive legal protection towards the investor in the ICO that is regulated in Indonesia law.

Kata Kunci : Legalitas, Virtual Currency, Initial Coin Offering, Blockchain, Perlindungan Hukum