Criminal Liability for Crypto Asset Investment Crime from the Perspective of Cyber Economic Criminal Law in Indonesia

Abstract

The development of digital technology and blockchain systems has driven increased crypto-asset investment activity in Indonesia, but it has also given rise to various forms of cyber-based investment crime that harm society at large. Crypto-asset investment crimes—including fraud, Ponzi schemes, digital-platform manipulation, and illegal investment operations—have complex characteristics because they are committed in cyberspace, cross jurisdictional boundaries, and involve digital financial instruments that the public does not yet fully understand. This situation raises legal issues concerning the concept and regulation of criminal liability for perpetrators within the framework of cyber-economic criminal law. This study analyses the concept of criminal liability for crypto-asset investment crime and examines its treatment under Indonesian legislation. It uses a normative juridical method with statutory and conceptual approaches. The results show that liability may be imposed on both individuals and corporations on the basis of fault, but existing rules remain sectoral and have not been comprehensively integrated into the cyber-economic criminal-law system. Regulatory harmonisation and reform are therefore required to strengthen legal certainty, effective enforcement, and legal protection for crypto-asset investors in Indonesia.