REGULATORY TECHNOLOGY AND THE FINTECH LAW LANDSCAPE IN INDONESIA: A NORMATIVE LEGAL PERSPECTIVE TO MITIGATING ILLEGAL FINTECH

Saifullah, Saifullah, Supriyadi, Aditya Prastian, Bahagiati, Kurniasih and Al Munawar, Faishal Agil ORCID: https://orcid.org/0000-0002-8200-5096 (2023) REGULATORY TECHNOLOGY AND THE FINTECH LAW LANDSCAPE IN INDONESIA: A NORMATIVE LEGAL PERSPECTIVE TO MITIGATING ILLEGAL FINTECH. Jurisdictie: Jurnal Hukum dan Syariah, 14 (02). ISSN 2086-7549 (In Press)

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Abstract

Illegal fintech is one of the main issues that has yet to be fully addressed in the digital finance sector in Indonesia, despite various legal regulations that have been issued. This condition shows that the fintech legal framework in Indonesia still needs to be fully relevant to the concept of Regulatory Technology (regtech). This study aims to analyze the position of the fintech legal framework in Indonesia in overcoming illegal fintech problems with a regtech approach. Regtech was chosen as an analytical instrument because it is a basic concept that combines law and digital financial technology to create an orderly platform and comply with all applicable laws. The writing of this article uses normative legal research methods. This article's writing approach uses a conceptual approach. The results show that the legal landscape governing fintech in Indonesia is still fragmented, with rules spread across the civil, administrative, and criminal sectors. This legal framework still needs to be stronger as a legal tool to overcome the problem of illegal fintech. Based on the regtech approach, increased transparency and accountability in fintech implementation are needed, as legal support for dynamic supervision and law enforcement and legal support to open channels of cooperation between stakeholders in handling illegal fintech. Such measures will help create a more effective legal environment and align with the regtech paradigm in addressing illegal fintech practices in Indonesia.

Item Type:	Journal Article
Keywords:	regulatory technology, fintech, illegal fintech
Subjects:	18 LAW AND LEGAL STUDIES > 1801 Law > 180105 Commercial and Contract Law 18 LAW AND LEGAL STUDIES > 1899 Other Law and Legal Studies
Divisions:	Faculty of Sharia and Law > Department of Sharia Business Law
Depositing User:	Kurniasih Bahagiati
Date Deposited:	29 Dec 2023 09:06

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