Islamic Law Review of Crypto as a Digital Asset a Comparative Study with Positive Law
Keywords:
Crypto, Digital Assets, Islamic LawAbstract
The emergence of cryptocurrency as a digital asset has sparked intense legal debates, particularly regarding its acceptability within Islamic jurisprudence and its regulation under Indonesia’s positive law. As a novel financial instrument, crypto challenges conventional legal frameworks, raising questions about its legitimacy, function, and impact on consumer protection. This study aims to analyze the legal status of cryptocurrency from the perspective of Islamic law, especially through the principles of maqashid sharia and fiqh muamalah, which prioritize the preservation of wealth (hifzh al-mal), intellect (hifzh al-‘aql), and justice. It also investigates Indonesia's regulatory stance on crypto, focusing on its legal classification, functionality as a digital commodity, and mechanisms of oversight by authorized institutions. Furthermore, this study compares the views of Islamic and Indonesian law to identify areas of convergence, key differences, and the potential for legal harmonization. Methodologically, the research adopts a Meta-Analysis Literature Review approach, systematically synthesizing academic sources, fatwas, and regulatory documents relevant to crypto, Islamic legal thought, and digital asset governance. The findings reveal that while cryptocurrency involves speculative risks, it can be accommodated within Islamic legal reasoning if transparency, ownership clarity, and public benefit are upheld. Simultaneously, Indonesian law recognizes crypto as a legal commodity under the supervision of Bappebti. The study concludes that bridging Islamic and state legal perspectives is both possible and necessary to provide legal certainty and ensure ethical safeguards for Muslim users in the evolving digital economy.
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