Indonesia's recent development in legal policy toward cryptocurrency is pertinent to ask whether this new investment market has any more risk to throw over Indonesia than how to protect the existing variable parties by overall structural formation. This tendency has prevented the government to implement the machinery of more fundamental keynote of policy. Against this backdrops, this research first analyzes the existing laws and regulations to examine the current legal status of virtual currency in Indonesia with the method of conceptual analysis. Despite the Government's skeptical stance about economic soundness that cryptocurrency market leads, however, how to protect the various parties in the existing market is a different issue which still needs an urgent attention from policy makers, legal practitioners, judiciary and academic researchers. Therefore, this paper further studies the relevant laws and regulations governing the actual operation of cryptocurrency exchange in Indonesia to discuss the more practical aspects by interviewing an Indonesian cryptocurrency exchange and professional lawyers at Dentons HPRP. Subsequently, the most worrisome legal risks in the industry are diagnosed by interviewing a global cryptocurrency exchanges. This study concludes that BAPPEBTI Regulation No. 5 of 2019 cannot be the good answer to minimize the risk and will only harm bona fide market participants without a good-standing authority.

Given Indonesia's recent legal policy developments regarding cryptocurrency, it is pertinent to ask whether this new investment market, by its overall structural formation, holds any further risks to Indonesia beyond those to individual parties. This paper contends that any effective regulation of this new ecosystem requires adoption of the machinery of more fundamental concepts and a clear direction. Even if the Government's skepticism about soundness of the cryptocurrency markets is fully justified, how best to protect the various parties in the market is a different issue, one which calls for urgent attention from policy makers, legal practitioners, the judiciary and academic researchers. In particular, given the increasing number of startup Indonesian companies that have scrambled for seats in the new market, and the large number of related criminal cases reported in other jurisdictions, often involving hacking or embezzlement, the urgency to study best policy practices cannot be stressed enough. Against this backdrop, this paper analyzes the current legal status of virtual currency, related parties and activities in Indonesia absent direct laws and regulations to protect relevant parties..

It has been a decade since Indonesia implemented its first mandatory CSR requirement. The time is ripe for the discussion: can Indonesia confidently say that it has saved Indonesia by making companies publicly answer for many social issues? Can it successfully bring social and economic justice by continuously enforcing this radical progressivism or utilitarianism? To begin to address these questions, this paper first examines Indonesia's unique features that strengthen CSR as a legal obligation and analyzes the current regulatory frame of CSR. Then, it discusses whether these laws and regulations have actually worked as a practical tool to encourage and enforce companies to perform CSR activities. This research concludes that company law can save Indonesia despite its failure so far due to a number of problems in and out of positive law. It suggests how it can specifically structure the CSR regulations and seeks attention to the more structural reform from the longer-term goal of developing a national mechanism.

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<p><em>Industri Crowdfunding (penggalangan dana) di Indonesia telah berkembang dengan pesat dalam beberapa tahun terakhir. Sangat kontras berbeda dengan crowdfunding berbasis utang, sangat sedikit perusahaan yang melakukan crowdfunding berbasis ekuitas, yang merupakan jenis lain dari crowdfunding, muncul dan redup pada tahun 2017. Saat ini, tidak ada bisnis crowdfunding berbasis ekuitas atau peraturan terkait sementara OJK telah mengumumkan rencananya untuk mengadopsi peraturan terkait pada akhir tahun 2017. Dengan latar belakang ini, tulisan ini membahas bagaimana hukum dan peraturan di Indonesia menghambat munculnya bisnis crowdfunding berbasis ekuitas: (i) permasalahan waktu dan biaya yang tidak efisien dalam hukum perusahaan, dan (ii) potensi pelanggaran terhadap hukum dan peraturan pasar modal.</em></p>