Manajemen Resiko, Tantangan dan Ketidakpastian Regulasi Investasi Cryptocurrency dalam Pandangan Ekonomi Syariah
DOI:
https://doi.org/10.31316/jk.v6i3.4153Abstract
Abstrak
Teknologi blockchain mendapatkan daya tarik secara global. Blockchain menawarkan mekanisme validasi yang aman dan kolaborasi massal yang terdesentralisasi. Cryptocurrency memanfaatkan teknologi ini sebagai kelas aset baru bagi investor di seluruh dunia. Cryptocurrency sedang digunakan oleh perusahaan untuk meningkatkan modal melalui Initial Coin Offering (ICO). Aliran masuk modal yang tidak diatur secara substansial ke dalam industri transaksional dan transnasional telah membangkitkan minat tidak hanya dari investor, tetapi juga sekuritas nasional dan badan pengatur moneter. Penelitian bersifat kualitatif ini meninjau pernyataan awal Komisi Keamanan dan Pertukaran. Selanjutnya pernyataan pada ICO untuk menggambarkan potensi masalah dengan menerapkan kerangka hukum lama menuju ekosistem yang terus berkembang. Adanya ketidakmampuan penegakan dalam peraturan yang ada kerangka kerja, kami membahas pentingnya regulasi aset kripto dan kolaborasi internal antara instansi pemerintah dan pengembang dalam pembentukan ekosistem yang terintegrasi perlindungan investor dan investasi. Serta model harus dioperasikan berdasarkan prinsip-prinsip Syariah. Pengoperasian total model harus difasilitasi oleh struktur hibrid yang sesuai dengan syariah. harus mematuhi semua persyaratan hukum Syariah dan harus diterima hanya jika sesuai dengan syariah dalam pembentukan, sistem, operasi dan kode etik dalam lingkup Maqashid al-Shari'ah.
Kata Kunci: Manajemen Resiko; Ketidakpastian Regulasi; Investasi Cryptocurrency; Ekonomi Syariah
Abstract
Blockchain technology is gaining traction globally. Blockchain offers a secure validation mechanism and decentralized mass collaboration. Cryptocurrencies are leveraging this technology as a new asset class for investors around the world. Cryptocurrencies are being used by companies to raise capital through Initial Coin Offerings (ICOs). Substantially unregulated capital inflows into the transactional and transnational industries have aroused interest not only from investors, but also national securities and monetary regulatory bodies. This qualitative study reviews the initial statement of the Security and Exchange Commission. Further statements at the ICO to illustrate the potential problems with applying the old legal framework towards an ever-evolving ecosystem. Given the inability to enforce existing regulatory frameworks, we discuss the importance of crypto asset regulation and internal collaboration between government agencies and developers in the establishment of an integrated ecosystem of investor protection and investment. And the model must be operated based on Sharia principles. The operation of the total model should be facilitated by a hybrid structure that is compliant with sharia. must comply with all the requirements of Sharia law and must be accepted only if it is in accordance with sharia in the formation, system, operation and code of ethics within the scope of Maqashid al-Shari'ah.
Keywords: Risk Management; Regulatory Uncertainty; Cryptocurrency Investment; Sharia Economics
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