Legal Certainty and Investor Protection in Digital Crowdfunding
Keywords:
crowdfunding, investor protection, OJK regulation, data privacy, personal data protection, dispute resolution, legal complianceAbstract
This research critically examines the efficacy of Indonesia’s legal frameworks in providing comprehensive investor protection and enforcing data security and privacy within digital crowdfunding ecosystems. Employing a qualitative literature-based approach and thematic synthesis, the study analyzes statutory instruments, including OJK regulations and Law No. 27 of 2022, alongside empirical evidence from platform operations and scholarly studies. Results indicate that although normative regulatory structures exist to safeguard investor and data interests, significant challenges remain due to the persistence of enforcement gaps, legal ambiguities, and fragmented supervisory practices. Observed shortcomings in information disclosure, dispute resolution procedures, and data governance standards continue to undermine market confidence and legal certainty. Comparative analysis with international regulatory regimes underscores the need for more prescriptive mandates, rigorous external audits, and harmonized implementation protocols. The study recommends multi-level reforms focusing on preventive, detective, and corrective legal mechanisms, cross-institutional coordination, and the adoption of advanced technological regulatory tools. Findings contribute to the academic discourse by mapping the intersection between law, technology, and investor protection, with the potential to inform future policy direction and contribute to the sustainable growth of digital crowdfunding. This research offers key insights for policymakers, legal scholars, and industry actors towards realizing a secure, transparent, and equitable digital financial landscape.
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