The 2026 Muhammadiyah Fatwa and OJK Regulations on Crypto Assets: A Comparative Legal Analysis
DOI:
https://doi.org/10.35719/ijlil.v8i1.482Keywords:
Crypto Assets, Muhammadiyah Fatwa, Mal Mutaqawwam, Harmonization, ShariaAbstract
This study analyzes the legal convergence and harmonization potential between the Muhammadiyah Fatwa of 2026 on crypto assets and OJK Regulation Number 27 of 2024 (POJK 27/2024) within Indonesia's national legal framework. Employing a normative juridical method with statutory and comparative approaches, this study examines two primary legal instruments: the Muhammadiyah Fatwa of 2026 issued by the Tarjih and Tajdid Council of the Muhammadiyah Central Committee, which reconceptualizes crypto assets through the māl mutaqawwam framework, and POJK 27/2024, which reclassifies crypto assets from commodities under Bappebti to digital financial assets under OJK supervision. The study finds three principal results. First, the Muhammadiyah Fatwa of 2026 permits crypto assets as tradable property when they cumulatively fulfill utility, digital storability, and social recognition through 'urf, while prohibiting their use as a means of payment and banning specific transaction mechanisms including futures trading, margin trading, short selling, and pump-and-dump practices. Second, POJK 27/2024 establishes binding obligations in governance, market integrity, and consumer protection, yet contains critical regulatory gaps, including the absence of a Sharia-based transaction classification, the absence of staking and airdrop regulations, and unresolved categorization inconsistencies that generate legal uncertainty for Muslim consumers. Third, the comparative analysis identifies four substantive convergences between the two instruments and proposes a three-pillar operational harmonization model: formal establishment of a Sharia-compliant crypto transaction classification within POJK 27/2024, institutionalization of periodic OJK–DSN-MUI coordination mechanisms, and mandatory Sharia-compliance disclosure obligations for licensed crypto asset traders. This model offers a concrete institutional pathway for integrating Islamic normative standards into Indonesia's positive legal framework, while positioning Indonesia as a reference model for Sharia-compliant crypto governance globally.
References
Agusman, Agusman. “Bank Indonesia Memperingatkan Kepada Seluruh Pihak Agar Tidak Menjual, Membeli Atau Memperdagangkan Virtual Currency.” Website Resmi Lembaga. Siara Pers, January 13, 2018. https://www.bi.go.id/id/publikasi/ruang-media/news-release/Pages/sp_200418.aspx.
Akbar, Taufik, and Nurul Huda. Haramnya Penggunaan Cryptocurrency (Bitcoin) Sebagai Mata Uang Atau Alat Tukar Di Indonesia Berdasarkan Fatwa MUI. 5, no. 2 (September 2022): 747–56. https://doi.org/10.37479/jimb.v5i2.16547.
Apriliani, Candrika Arivia, Achmad Irwan Hamzani, and Muhamad Wildan. Legalitas Transaksi Aset Kripto Menurut Perspektif Hukum Islam. 3, no. 1 (March 2023): 113–24. https://doi.org/10.36908/jimpa.v3i1.161.
Arzam, Arzam, Muhammad Fauzi, Mursal Mursal, and Abdul Muid. Legalitas Cryptocurrency: Tinjauan Terhadap Fatwa-Fatwa Institusi Dan Personal. 5, no. 2 (July 2023): 135–48. https://doi.org/https://doi.org/10.55352/ekis.v5i2.612.
Asiah, Siti Nur, and Harry Roestiono. Analisa Transaksi Spot, Forwarddan Swap Sebagai AlatPengendalian Risiko. 6, no. 3 (December 2018): 139–46. https://doi.org/https://doi.org/10.37641/jimkes.v6i3.295.
Atqiya, Ashfiya Nur, Ahmad Muhamad Musta’in Nasoha, Aulia Nafiul Khoiriyah, Affan Tafta Naufalianto, and Furqon Abdul Hakim. Analisis Komparatif Antara Hukum Nasional Dan Hukum Islam. 1, no. 4 (November 2024): 172–82. https://doi.org/10.62383/presidensial.v1i4.297.
Ausop, Asep Zaenal, and Elsa Silvia Nur Aulia. Teknologi Cryptocurrency Bitcoin Untuk Investasi Dan Transaksi Bisnis Menurut Syariat Islam. 17, no. 1 (2018): 77–92. https://doi.org/https://doi.org/10.5614/sostek.itbj.2018.17.1.8.
Barkah, Lucky Bil, and Asep Hakim Zakiran. “Perlindungan Hukum Terhadap Investor Aset Digital Kripto Ditinjau Dari Peraturan Bappebti Nomor 5 Tahun 2019 Tentang Ketentuan Teknis Penyelenggaraan Pasar Fisik Aset Kripto Di Bursa Berjangka.” 3, no. 1 (January 2023): 469–74. https://doi.org/10.29313/bcsls.v3i1.5015.
Fatwa Majelis Tarjih Dan Tajdid Pimpinan Pusat Muhammadiyah Tentang Kripto Sebagai Aset Keuangan Digital, 1 (2026). https://drive.google.com/file/d/1IyArjZJnj9y2NX4Uy37n0F8nrtSlDgBh/view.
Fauziyah, Dilla. Muhammadiyah Kaji Ulang Hukum Investasi Kripto, Fatwa Haram Bisa Berubah. February 28, 2026. https://coinvestasi.com/berita/muhammadiyah-kaji-ulang-hukum-kripto.
Habibi, Muhammad Wildan, Luthfiah Nurul Izza, and Rahma Thalita. Transaksi Pembayaran Melalui Cryptocurrency Dalam Perspektif Fatwa Majelis Ulama Indonesia (MUI) Dan Nahdlatul Ulama (NU). 3, no. 1 (November 2023): 45–67. https://doi.org/10.15642/komparatif.v3i1.1928.
Hamin, Dewi Indriyani. Crypto Currensi Dan Pandangan Legalitas Menurut Islam: Sebuah Literature Review. 3, no. 2 (September 2020): 127–39. https://doi.org/10.37479/jimb.v3i2.9430.
Handayani, Otih, Esther Masri, Panti Rahayu, Achmad J. Pamungkas, and Muhammad Azam. Legal Framework For Crypto Asset Trading As An Effort To Protect Consumers In Indonesia. 24, no. 2 (2025): 8252–73. https://doi.org/doi.org/10.31941/pj.v24i2.7134.
Harahap, Khairunnisa, Tuti Anggraini, and Asmuni Asmuni. Cryptocurrency Dalam Perspektif Syariah: Sebagai Mata Uang Atau Aset Komoditas. 11, no. 1 (March 2022): 43–56. https://doi.org/10.24114/niaga.v11i1.32355.
Hidayat, Asep Syarifuddin. Sharia and State’s Intervention: Uncertainty Cryptocurrency in Indonesia. 23, no. 1 (June 2023): 213–34. https://doi.org/10.15408/ajis.v23i1.31876.
Hidayat, Beni Darmawan, and Muhamad Hasan Sebyar. Implikasi Hukum Perpindahan Pengawasan Aset Kripto Dari Bappebti Ke OJK Terhadap Pelaku Industri Dan Investor. 2, no. 4 (December 2024): 887–99. https://doi.org/10.51903/hakim.v2i4.2206.
Huda, Misbahul, and Poernomo A. Soelistyo. Analisis Hukum Islam Dan Hukum Positif Di Indonesia Terhadap Investasi Cryptocurrency. 1, no. 1 (2025): 42–54. https://doi.org/10.61111/jiebsf.v1i1.794.
Huda, Nurul, and Restu Hambali. Risiko Dan Tingkat Keuntungan Investasi Cryptocurrency. 17, no. 1 (2020): 72–84. https://doi.org/10.29313/performa.v17i1.7236.
Ibrahim, Johnny. Teori Dan Metodologi Penelitian Hukum Normatif. Malang: Bayumedia Publishing, 2007.
Ilham. “Pandangan Majelis Tarjih Terkait Mata Uang Kripto.” Website Resmi Lembaga. Kabar Persyarikatan, January 18, 2022. https://muhammadiyah.or.id/2022/01/pandangan-majelis-tarjih-terkait-mata-uang-kripto/.
Jalil, Abdul, and Hilmi Abdillah. Hukum Cryptocurrency Sebagai Mata Uang Dan Sebagai Komoditas (Analisis Fatwa MUI Tentang Hukum Cryptocurrency). 9, no. 3 (November 2023): 4245–55. https://doi.org/10.29040/jiei.v9i3.10269.
Keputusan Ijtima’ Ulama Komisi Fatwa Se-Indonesia VII Tentang Hukum Cryptocurrency, 1 (2021). https://fatwamui.com/storage/540/HUKUM-CRYPTOCURRENCY.pdf.
Khafif, Ali. Aḥkām Al-Mu‘āmalāt al-Syari‘iyyah. Kairo: Dār al-Fikr al-Arabiī, 2008.
Kusuma, Teddy. Cryptocurrency Dalam Perdagangan Berjangka Komoditi Di Indonesia Perspektif Hukum Islam. 16, no. 1 (2020): 109–26. https://doi.org/10.21111/tsaqafah.v16i1.3663.
Maharani, Carissa. Kepastian Hukum Aset Kripto Konsumen Pada Perusahaan Yang Ditolak Izin Perdagangannya Oleh Otoritas Jasa Keuangan. 7, no. 3 (November 2025): 1–22. https://doi.org/10.37893/krisnalaw.v7i3.1252.
Mardani, Mardani. Hukum Ekonomi Syariah Di Indonesia. Bandung: PT Refika Aditama, 2011.
Marzuki, Peter Mahmud. Penelitian Hukum, Edisi Revisi. Jakarta: Prenada Media, 2017.
Naufal, Ibnu. Fatwa Tarjih Muhammadiyah: Transaksi Kripto Boleh, Tapi Haram Buat Bayar Dan Trading Futures. March 6, 2026. https://mozaik.inilah.com/dakwah/fatwa-tarjih-muhammadiyah-transaksi-kripto-boleh-tapi-haram-buat-bayar-dan-trading-futures.
ND, Mukti Fajar, and Yulianto Achmad. Dualisme Penelitian Hukum Normatif Dan Empiris. Yogyakarta: Pustaka Pelajar, 2010.
Norman, Cindy Aulia. Transformasi Hukum Aset Kripto Di Indonesia: Analisis Komparatif Dengan Malaysia Mengenai Pergeseran Dari Komoditas Ke Instrumen Keuangan. 13, no. 1 (July 2025): 100–113. https://doi.org/10.56895/plr.v13i1.2214.
Nugrahaningsih, Widi, and Novemy Triyandari Nugroho. Analisis Yuridis Pemanfaatan Aset Kripto Untuk Kepentingan Investasi Dan Transaksi Di Indonesia. 1, no. 2 (May 2024): 104–15. https://doi.org/10.62383/sosial.v1i2.232.
Nujaim, Zainuddīn Ibnu. Al-Baḥr al-Rāʾiq Syarḥ Kanz al-Daqāʾiq. Kairo: Dār al-Kitāb al-Islāmī, t.t.
Otoritas Jasa Keuangan. FAQ POJK 27/2024 Penyelenggaraan Perdagangan Aset Keuangan Digital Termasuk Aset Kripto. n.d. Accessed March 12, 2026. https://www.ojk.go.id/id/regulasi/Documents/Pages/POJK-27-2024-AKD-AK/FAQ%20POJK%2027%20Tahun%202024%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto%20AKD%20AK.pdf.
———. Perizinan ITSK, Aset Keuangan Digital, Dan Aset Kripto. Website Resmi Lembaga. n.d. Accessed March 5, 2026. https://ojk.go.id/id/fungsi-utama/itsk/perizinan-itsk-aset-keuangan-digital-aset-kripto/default.aspx.
———. Siaran Pers: OJK Terbitkan Aturan Penyelenggaraan Perdagangan Aset Keuangan Digital Termasuk Aset Kripto. Website Resmi Lembaga. Desember 2024. https://ojk.go.id/id/berita-dan-kegiatan/siaran-pers/Pages/POJK-27-Tahun-2024-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto-AKD-AK.aspx.
Pardiansyah, Elif. Investasi Dalam Perspektif Ekonomi Islam: Pendekatan Teoritis Dan Empiris. 8, no. 2 (October 2017): 337–73. https://doi.org/https://doi.org/10.21580/economica.2017.8.2.1920.
Peryanto, Jerry, Diana Ria W. Napitupulu, and Paltiada Saragi. Perlindungan Hukum Bagi Pengguna Cryptocurrency Menurut UU No. 4 Tahun 2023 Tentang P2SK. 8, no. 5 (May 2025): 2432–46. https://doi.org/10.56338/jks.v8i5.7576.
Pratama, Ramdani, and Zetta Hannany. Transaksi Kripto RI Tembus Rp482 Triliun Sepanjang 2025. January 14, 2026. https://www.idnfinancials.com/id/news/60390/transaksi-kripto-ri-tembus-rp482-triliun-sepanjang-2025.
Respati, Agustinus Rangga, and Teuku Muhammad Valdy Arief. Jumlah Investor Kripto Di Indonesia Tembus 22 Juta, Transaksi Naik Signifikan. January 8, 2025. https://money.kompas.com/read/2025/01/08/064147026/jumlah-investor-kripto-di-indonesia-tembus-22-juta-transaksi-naik-signifikan.
Rozalinda, Rozalinda. Ekonomi Islam: Teori Dan Aplikasinya Pada Aktivitas Ekonomi. Jakarta: RajaGrafindo Persada, 2014.
Safari, Ridwan, Femas Septiadi, Thania Fazira, and Saiin A. Perdagangan Aset Kripto Dalam Hukum Islam: Studi Fikih Muamālah. 4, no. 1 (June 2025): 67–79. https://doi.org/10.47902/jshi.v4i1.376.
Sajidin, Syahrul. Legalitas Penggunaan Cryptocurrency Sebagai Alat Pembayaran Di Indonesia. 14, no. 2 (August 2021): 245–67. https://doi.org/https://doi.org/10.21776/ub.arenahukum.2021.01402.3.
Santoso, Budi Iman, Ivans Januardy, and Rizki Setyobowo Sangalang. Kontroversi Living Law Dalam KUHP 2023: Antara Kepastian Hukum Dan Keadilan Substantif. 8, no. 2 (December 2025): 1–16. https://doi.org/10.30737/dhm.v8i2.7246.
Soekanto, Soerjono, and Sri Mamudji. Penelitian Hukum Normatif: Suatu Tinjauan Singkat, Cet. Ke-17. Jakarta: RajaGrafindo Persada, 2017.
Surat Edaran Otoritas Jasa Keuangan Republik Indonesia Tentang Penyelenggaraan Perdagangan Aset Keuangan Digital Termasuk Kripto, Pub. L. No. 20/SEOJK.07/2024 (2024). https://www.ojk.go.id/id/regulasi/Documents/Pages/SEOJK-20-SEOJK07-2024-Penyelenggaraan-Perdagangan-Aset-Keuangan-Digital-Termasuk-Aset-Kripto/SEOJK%2020-SEOJK07-2024%20Penyelenggaraan%20Perdagangan%20Aset%20Keuangan%20Digital%20Termasuk%20Aset%20Kripto.pdf.
Suyūṭi, Jalāluddin al-. Al-Asybāh Wa al-Naẓāʾir Fī Qawāʿid Wa Furūʿ Fiqh al-Syāfiʿiyyah. Beirut: Dār al-Kutub al-ʿIlmiyyah, 1990.
Tambun, Maria Arbina, and M. Ilham Putuhena. Tata Kelola Pembentukan Regulasi Terkait Perdagangan Mata Uang Kripto (Cryptocurrency) Sebagai Aset Kripto. 1, no. 1 (February 2022): 33–57. https://doi.org/10.32734/mah.v1i1.8314.
Waratmaja, Miftah, and Maimunah Rusydah Istiqomah. Peralihan Kewenangan Regulasi Aset Kripto Di Indonesia Dari Bappebti Kepada Otoritas Jasa Keuangan Dan Bank Indonesia. 6, no. 2 (February 2026): 259–70. https://doi.org/10.37304/parislangkis.v6i2.24700.
Wijaya, Viona. Perubahan Paradigma Penataan Regulasi Di Indonesia. 10, no. 2 (August 2021): 167–86. https://doi.org/10.33331/rechtsvinding.v10i2.712.
Wiwoho, Jamal, Irwan Trinugroho, Dona Budi Kharisma, and Pujiyono Suwadi. Islamic Crypto Assets and Regulatory Framework: Evidence from Indonesia and Global Approaches. 66, no. 2 (2024): 155–71. https://doi.org/10.1108/IJLMA-03-2023-0051.
Zuhaili, Wahbah al-. Ushul Fiqh Al-Islami. Beirut: Dar al-Fikr, 1990.
Downloads
Published
How to Cite
Issue
Section
License
Copyright (c) 2026 Diantara Purnama, Theta Murty, Fajar Nuril Ilmi
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
