Profil Risiko Ekosistem Aset Kripto Indonesia Pasca Pojk 27/2024
Main Article Content
Ekosistem perdagangan aset keuangan digital dan aset kripto (AKD AK) di Indonesia berkembang, ditandai dengan nilai transaksi yang mencapai Rp650,61 triliun dan jumlah konsumen sebesar 22,91 juta pada akhir 2024. Pertumbuhan yang pesat tersebut mendorong perubahan tata kelola pengawasan perdagangan aset kripto melalui pengalihan kewenangan dari Bappebti kepada OJK berdasarkan UU P2SK yang diimplementasikan melalui POJK 27/2024 sejak Januari 2025. Penelitian ini bertujuan menganalisis profil risiko ekosistem perdagangan AKD AK secara multidimensi menggunakan kerangka ISO 31000:2018. Melalui Systematic Literature Review (SLR) dengan protokol PRISMA terhadap 20 sumber terpilih dari Scopus dan Garuda, hasil sintesis dianalisis melalui empat tahap: penetapan konteks dengan PESTLE, identifikasi, analisis, dan evaluasi risiko. Penelitian mengidentifikasi delapan risiko utama meliputi volatilitas harga ekstrem, serangan siber, penipuan platform, TPPU, pendanaan terorisme, keterbatasan pengawasan teknologi, ketidakpastian regulasi, dan rendahnya literasi keuangan digital. Evaluasi matriks likelihood × impact menunjukkan dua risiko sangat tinggi, enam tinggi, dan satu menengah, tanpa risiko berkategori rendah. Penguatan pengawasan terintegrasi, keamanan siber, dan peningkatan literasi keuangan digital menjadi prioritas mitigasi utama.
Keywords:
kripto, analisis risiko, iso 31000:2018, pojk 27/2024
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Aulia, A., Insani, N. S., Mulyana, R. N., Azahra, N., & Siswajanthy, F. (2026). Regulasi artificial intelligence fintech blockchain: Tantangan hukum ekonomi smart contract syariah Indonesia PDP 2024 OJK unicorn gig economy. Al-Zayn: Jurnal Ilmu Sosial & Hukum, 4(1), 3177–3188. https://doi.org/10.61104/alz.v4i1.3609
Benson, V., Adamyk, B., Chinnaswamy, A., & Adamyk, O. (2025). Money laundering risks of cryptocurrencies: Towards coordinated regulatory and technological strategies. Research in International Business and Finance. https://doi.org/10.1016/j.ribaf.2025.100328
Bowen, G. A. (2009). Document analysis as a qualitative research method. Qualitative Research Journal, 9(2), 27–40. https://doi.org/10.3316/QRJ0902027
Catalini, C., & Gans, J. S. (2020). Some simple economics of the blockchain. Communications of the ACM, 63(7), 80–90. https://doi.org/10.1145/3359552
Chaudhary, R., B?ach, J., & Gorczy?ska-Dybek, A. (2025). Cryptocurrencies as a tool for money laundering: Risk assessment and perception of threats based on empirical research. Risks, 13(10), 189. https://doi.org/10.3390/risks13100189
Chi, Y., Hao, W., Hu, J., & Ran, Z. (2023). An empirical investigation on risk factors in cryptocurrency futures. Journal of Futures Markets, 43(8), 1161–1180. https://doi.org/10.1002/fut.22425
Creswell, J. W., & Creswell, J. D. (2023). Research design: Qualitative, quantitative, and mixed methods approaches (6th ed.). SAGE Publications.
Denzin, N. K. (1978). The research act: A theoretical introduction to sociological methods. McGraw-Hill.
Detikcom. (2024, September). Rugi Rp 300 M diserang hacker, bos Indodax: Cuma 3% dari total cadangan kripto. https://finance.detik.com/fintech/d-7563708
European Commission. (2023). Regulation (EU) 2023/1114 on Markets in Crypto-Assets (MiCA). Official Journal of the European Union. https://eur-lex.europa.eu/legal-content/EN/TXT/?uri=CELEX%3A32023R1114
Federal Bureau of Investigation. (2023). Internet Crime Report 2023. Internet Crime Complaint Center (IC3). https://www.ic3.gov/Media/PDF/AnnualReport/2023_IC3Report.pdf
Financial Stability Board. (2023). Global regulatory framework for crypto-asset activities. FSB. https://www.fsb.org/2023/07/fsb-finalises-global-regulatory-framework-for-crypto-asset-activities/
Fraser, J. R. S., & Simkins, B. J. (Eds.). (2009). Enterprise risk management: Today's leading research and best practices for tomorrow's executives. John Wiley & Sons.
Gupta, H., & Chaudhary, R. (2022). An empirical study of volatility in cryptocurrency market. Journal of Risk and Financial Management, 15(11), 513. https://doi.org/10.3390/jrfm15110513
Hairudin, A., Sifat, I. M., Mohamad, A., & Yusof, Y. (2022). Cryptocurrencies: A survey on acceptance, governance and market dynamics. International Journal of Finance & Economics, 27(4), 4633–4659. https://doi.org/10.1002/ijfe.2392
Hardana, A., Siregar, S. E., & Utami, T. W. (2025). Tantangan hukum dalam regulasi cryptocurrency di era ekonomi digital global. Jurnal Hukum Bisnis, 14(4). https://doi.org/10.47709/jhb.v14i04.6775
Hidayat, R., Soekapdjo, S., Wulandari, D., & Suroso, A. (2025). Analysis of risk and return on investments in cryptocurrency instruments in Indonesia from 2022 to 2024. TRANSEKONOMIKA: Akuntansi, Bisnis dan Keuangan, 5(5). https://doi.org/10.55047/transekonomika.v5i5.1056
Hopkin, P. (2018). Fundamentals of risk management: Understanding, evaluating and implementing effective risk management (5th ed.). Kogan Page.
International Organization for Standardization. (2018). ISO 31000:2018 — Risk management: Guidelines. ISO.
Johnson, G., Whittington, R., Scholes, K., Angwin, D., & Regnér, P. (2017). Exploring strategy: Text and cases (11th ed.). Pearson.
Kejaksaan Agung Republik Indonesia. (2025, Februari). Siaran pers: Pengungkapan aliran dana kripto ilegal. https://www.kejaksaan.go.id
Liashenko, O., Adamyk, B., & Adamyk, O. (2026). Cryptocurrency market maturation and evolving risk profiles: A comparative analysis of Bitcoin and Ethereum tail risk dynamics. FinTech, 5(2), 28. https://doi.org/10.3390/fintech5020028
Lincoln, Y. S., & Guba, E. G. (1985). Naturalistic inquiry. SAGE Publications.
Liu, Y., & Tsyvinski, A. (2021). Risks and returns of cryptocurrency. The Review of Financial Studies, 34(6), 2689–2727. https://doi.org/10.1093/rfs/hhaa113
Melanie, J., Koutmos, D., & Stein, M. (2024). The impact of cryptocurrency-related cyberattacks on return, volatility, and trading volume. International Review of Financial Analysis, 93, 103198. https://doi.org/10.1016/j.irfa.2024.103198
Murizqy, M. A., & Dirkareshza, R. (2022). Peninjauan aspek keamanan dan perlindungan hukum terhadap investor cryptocurrency. Jurnal Ius Constituendum, 7(2), 277–292. https://doi.org/10.26623/jic.v7i2.4833
Otoritas Jasa Keuangan. (2025). Buku saku OJK: Aset keuangan digital aset kripto. OJK.
Page, M. J., McKenzie, J. E., Bossuyt, P. M., Boutron, I., Hoffmann, T. C., Mulrow, C. D., ... & Moher, D. (2021). The PRISMA 2020 statement: An updated guideline for reporting systematic reviews. BMJ, 372, n71. https://doi.org/10.1136/bmj.n71
Pusat Pelaporan dan Analisis Transaksi Keuangan. (2022). Laporan tahunan PPATK 2022. PPATK. https://www.ppatk.go.id
Rahmat, M. R. A., & Iswardhani, I. (2025). Volatilitas cryptocurrency di Indonesia: Investasi keuangan pada Bitcoin sebelum dan sesudah peresmian bursa kripto. SYNERGY: Jurnal Bisnis dan Manajemen, 5(1), 65–69. https://doi.org/10.55983/synergy.v5i1.65
Roy, D., Dubey, A., & Tiwary, D. (2024). Conceptualizing an institutional framework to mitigate crypto-assets’ operational risk. Journal of Risk and Financial Management, 17(12), 550. https://doi.org/10.3390/jrfm17120550
Santoso, F., & Modjo, M. I. (2022). Financial literacy and risk tolerance of Indonesian crypto-asset owners. Proceedings of ICEME 2022, 297–306. https://doi.org/10.1145/3556089.3556119
Tauda, G. A., Omara, A., & Arnone, G. (2023). Cryptocurrency: Highlighting the approach, regulations, and protection in Indonesia and European Union. BESTUUR, 11(1). https://doi.org/10.20961/bestuur.v11i1.67125
Tranfield, D., Denyer, D., & Smart, P. (2003). Towards a methodology for developing evidence-informed management knowledge by means of systematic review. British Journal of Management, 14(3), 207–222. https://doi.org/10.1111/1467-8551.00375
Warsito, O. L. D. (2020). Analisis volatilitas cryptocurrency, emas, dollar, dan indeks harga saham (IHSG). International Journal of Social Science and Business, 4(1), 40–46. https://doi.org/10.23887/ijssb.v4i1.23069
Yanuar, M. A. (2022). Risiko dan posibilitas penyalahgunaan aset kripto dalam kejahatan pencucian uang. Majalah Hukum Nasional, 52(2), 169–188. https://doi.org/10.33331/mhn.v52i2.190
Zaier, L. H., Raggad, B., & Arfaoui, M. (2026). Financial connectedness and portfolio management across market segments: A Q-VAR analysis of blockchain-digital assets, conventional assets, and clean-dirty energy stocks. International Journal of Emerging Markets, 21(4), 1270–1295. https://doi.org/10.1108/IJOEM-08-2024-1441
