Legal Certainty For Financiers In Crowdfunding Services Through Information Technology-Based Securities Offering In Indonesia

Abstract

The development of financial technology has encouraged Securities Crowdfunding (SCF) as an alternative funding mechanism and digital investment instrument in Indonesia. SCF expands access to financing for micro, small, and medium enterprises and startups while enabling public participation in investment through digital platforms. However, its development creates legal risks for investors, particularly concerning information asymmetry, issuer default, platform failure, securities ownership, and investment loss recovery. This study aims to analyze SCF regulation within the Indonesian capital market legal framework and assess the extent to which legal certainty for financiers has been established following the enactment of Financial Services Authority Regulation (POJK) Number 17 of 2025. This research employs a normative juridical method using statutory and conceptual approaches, with primary and secondary legal materials analyzed deductively. The findings indicate that POJK Number 17 of 2025 strengthens the normative framework for SCF by regulating organizer governance, issuer disclosure obligations, investor education, investment restrictions, segregated fund accounts, securities registration, and administrative enforcement under Financial Services Authority supervision. These mechanisms provide a relatively strong preventive framework for investor protection. Nevertheless, legal certainty for financiers remains incomplete because the regulatory framework does not adequately provide effective remedial mechanisms for investment losses, particularly specific compensation schemes, clear allocation of liability between organizers and issuers, and rapid restitution. Future SCF regulation should strengthen remedial investor protection through regulatory harmonization, specialized compensation mechanisms, technology-based supervision, and clearer institutional accountability to ensure effective legal certainty and investor protection in Indonesia’s digital capital market.