CRYPTOCURRENCY FROM MAQĀṢID AL-SHARĪ‘AH PERSPECTIVE: REGULATORY COMPARISON OF INDONESIA AND MALAYSIA

nisha hafizo; Aida Humaira; Mualimin Mochammad Sahid

doi:10.35897/maqashid.v9i1.2456

Authors

nisha hafizo UIN Syarif Hidayatullah Jakarta
Aida Humaira UIN Syarif Hidayatullah Jakarta
Mualimin Mochammad Sahid Universiti Sains Islam Malaysia

DOI:

https://doi.org/10.35897/maqashid.v9i1.2456

Keywords:

Cryptocurrency, Maqashid Syari'ah, Comparative Jurisprudence, Regulatory Policy, Islamic Finance, Indonesia, Malaysia

Abstract

Cryptocurrency has emerged as a digital asset that has significantly influenced the development of the global financial system through blockchain technology. Despite its growing popularity, cryptocurrency remains controversial in Islamic law due to its high price volatility, speculative characteristics, and potential elements of gharar (uncertainty) and maysir (gambling). These concerns have encouraged Muslim-majority countries to develop regulatory frameworks that balance financial innovation with the protection of public interests. This study aims to analyze and compare cryptocurrency regulations in Indonesia and Malaysia from the perspective of maqāṣid al-sharī‘ah, particularly the principle of ḥifẓ al-māl (protection of wealth).

This research employs a qualitative library research method by examining regulations, fatwas, policy documents, and relevant academic literature. The findings indicate that Indonesia prohibits cryptocurrency as a means of payment but allows it to be traded as a digital commodity under regulatory supervision. Meanwhile, Malaysia regulates cryptocurrency as a digital asset within the capital market and strengthens its governance through Shariah oversight mechanisms. Although the regulatory approaches differ, both countries do not recognize cryptocurrency as legal tender and primarily accommodate it as an investment instrument.

The study concludes that cryptocurrency regulation should prioritize wealth protection, risk mitigation, legal certainty, and investor protection to ensure that financial innovation develops in accordance with the objectives of Islamic law.

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