Perlindungan Hukum Investor Ritel Aset Kripto Pasca Pengalihan Kewenangan Pengawasan kepada OJK: Analisis Keselarasan Norma dengan Pendekatan Matriks Fraud Dua Dimensi (MF2D)

Sambuaga, Eddy (2026) Perlindungan Hukum Investor Ritel Aset Kripto Pasca Pengalihan Kewenangan Pengawasan kepada OJK: Analisis Keselarasan Norma dengan Pendekatan Matriks Fraud Dua Dimensi (MF2D). S2 thesis, Universitas Kristen Indonesia.

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Abstract

Perlindungan hukum investor ritel aset kripto di Indonesia menghadapi tantangan yang semakin kompleks setelah pengalihan kewenangan pengaturan dan pengawasan kepada OJK. Penelitian ini menjawab dua permasalahan, yaitu keselarasan norma dalam UU P2SK dan peraturan OJK terhadap karakteristik risiko hukum pada ekosistem CeFi dan DeFi menurut Matriks Fraud Dua Dimensi (MF2D), serta arah penguatan kebijakan hukum yang diperlukan untuk meningkatkan perlindungan hukum investor ritel aset kripto di Indonesia. Penelitian ini merupakan penelitian yuridis normatif dengan pendekatan perundang-undangan, konseptual, historis secara ringkas, dan perbandingan terbatas. MF2D digunakan sebagai kerangka analitis berdasarkan dua dimensi, yaitu derajat sentralisasi layanan (CeFi–DeFi) dan vektor dominan fraud (Teknis–Sosial). Dampak terhadap investor ritel dianalisis melalui tiga indikator, yaitu kehilangan aset, distorsi informasi, dan hambatan pemulihan hak. Hasil penelitian menunjukkan bahwa keselarasan norma paling kuat terdapat pada kuadran CeFi-Teknis, mulai terbentuk pada CeFi-Sosial, dan masih terbatas pada kuadran DeFi-Teknis serta DeFi-Sosial karena risiko bersumber dari protokol terbuka, smart contract, aktor anonim, dan relasi lintas yurisdiksi. Penelitian ini merekomendasikan penguatan kebijakan berbasis risiko dan berbasis kuadran melalui penyempurnaan standar listing dan disclosure, penguatan safeguarding, market surveillance, pelaporan insiden, tata kelola token dan stablecoin, serta jalur pengaduan dan pemulihan hak yang lebih jelas bagi investor ritel. / The legal protection of retail crypto-asset investors in Indonesia faces increasingly complex challenges following the transfer of regulatory and supervisory authority to OJK. This research addresses two issues: the alignment of norms under UU P2SK and OJK regulations with the legal-risk characteristics of the CeFi and DeFi ecosystems according to the Two-Dimensional Fraud Matrix (MF2D), and the direction of legal-policy strengthening needed to improve the legal protection of retail crypto-asset investors in Indonesia. This research is a normative juridical study employing statutory, conceptual, brief historical, and limited comparative approaches. MF2D is used as an analytical framework based on two dimensions: the degree of service centralization (CeFi–DeFi) and the dominant fraud vector (Technical–Social). The impact on retail investors is analyzed through three indicators: asset loss, information distortion, and barriers to the recovery of rights. The findings show that normative alignment is strongest in the CeFi-Technical quadrant, beginning to develop in CeFi-Social, and remains limited in the DeFi-Technical and DeFi-Social quadrants because risks arise from open protocols, smart contracts, anonymous actors, and cross-jurisdictional relations. This research recommends risk-based and quadrant-based policy strengthening through refined listing and disclosure standards, stronger safeguarding, market surveillance, incident reporting, token and stablecoin governance, and clearer complaint and recovery channels for retail investors.

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