MENILAI EFEKTIVITAS REGULASI ASET DIGITAL INDONESIA DALAM PERSPEKTIF MAQASHID SYARIAH DAN PRINSIP HIFZ AL-MAL

Abstrak

The rapid expansion of digital assets has fundamentally reshaped the global financial landscape, giving rise to new investment modalities that attract millions of participants, including in Indonesia. However, the associated risks such as price volatility, market manipulation, cybersecurity threats, and inadequate investor protection demand rigorous regulatory scrutiny. This study evaluates the effectiveness of Indonesia's digital asset regulatory framework through the lens of maqashid shariah, specifically the principle of Hifz al-Mal (preservation of wealth). Employing a normative juridical method with legislative and conceptual approaches, this study systematically analyses primary legal materials including Law No. 4 of 2023 on the Development and Strengthening of the Financial Sector (UU P2SK), OJK regulations, and Bappebti rules, alongside secondary sources comprising academic literature and policy documents. The findings reveal that Indonesia has established a relatively structured regulatory architecture encompassing licensing mechanisms, supervisory functions, and trade transparency requirements. Nevertheless, critical deficiencies persist, namely fragmented regulatory authority between institutions, residual legal uncertainty, suboptimal risk mitigation frameworks, and insufficient investor literacy programmes. Assessed against the five operational indicators of Hifz al-Mal which are legal protection, prevention of harm, distributive justice, transparency, and empowerment, the existing framework fulfils only partial objectives. This study proposes an integrative Hifz al-Mal evaluative framework as a principled basis for developing digital asset regulations that are just, sustainable, and aligned with Islamic legal objectives.