Tulisan ini menganalisis bagaimana pelindungan hukum terhadap investor yang melakukan investasi aset kripto di Indonesia; bagaimana upaya kolaboratif antara Pemerintah, Otoritas Pengawas, dan Pelaku Industri Kripto untuk meningkatkan efektivitas pengaturan kripto dalam mengembangkan ekosistem finansial di Indonesia; dan bagaimana tanggung jawab Pedagang Fisik Aset Kripto (PFAK) kepada Investor Kripto serta peran Pemerintah dan Otoritas Pengawas dalam hal terjadi PFAK yang menjadi Ilegal. Tulisan ini disusun dengan metode penelitian doktrinal. Hasil penelitian adalah pelindungan hukum industri kripto telah terlindungi dengan hadirnya Bursa Berjangka, Lembaga Kliring, dan Kustodian yang hak dan kewajibannya diatur dalam Perbappebti 13 Tahun 2020 juncto Perbappebti 8 Tahun 2021 serta diatur juga hak dan kewajiban PFAK dan Investor Kripto dalam perjanjian pelanggan. Pelindungan hukum lainnya dijamin dalam UUPDP, UUITE, dan UUPPSK. Namun terdapat kelemahan yaitu dalam perspektif syariah, kripto dianggap haram karena unsur perjudian dan ketidakpastian nilai. Namun dengan pesatnya industri kripto perlu diatur regulasinya. Kementerian Perdagangan, OJK, Pelaku Industri Kripto, dan Kementerian/Lembaga terkait telah melakukan kolaborasi namun harus ditingkatkan karena terdapat tantangan seperti peralihan tugas kepada OJK, literasi dan edukasi yang tidak hanya di kota besar saja, pelindungan data pribadi, hingga sifat terbuka dari aparat penegak hukum. Peluangnya yaitu potensi token lokal menjadi ‘go international’, potensi pendapatan pajak, dan potensi kripto menjadi virtual currency. Apabila izin usaha PFAK dicabut, PFAK harus mengembalikan aset investor dalam jangka waktu tertentu sedangkan Pemerintah berperan melakukan pembekuan izin usaha, pencabutan izin usaha, dan pengumuman public serta Pemerintah mendorong pembentukan lembaga kliring yang menjamin 70% dana yang berhasil di deposit dan kustodian menjamin 70% aset kripto yang berhasil ditransaksikan. Peran OJK adalah mengajukan permohonan pailit kepada PFAK walaupun dirasa tidak implementatif karena dikhawatirkan OJK bersifat subjektif. Upaya hukum yang dapat ditempuh Investor Kripto adalah penyelesaian jalur non-litigasi melalui LAPS-SJK dan BAKTI serta jalur litigasi diajukan gugatan wanprestasi kepada PFAK melalui Pengadilan Negeri.

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This thesis analyzes how the legal protection of investors who invest in crypto assets in Indonesia; how collaborative efforts between the Government, Supervisory Authorities, and Crypto Industry Players to increase the effectiveness of crypto regulation in developing the financial ecosystem in Indonesia; and how the responsibility of Crypto Asset Physical Traders (PFAK) to Crypto Investors as well as the role of the Government and Supervisory Authorities in the event of PFAK becoming Illegal. This paper is prepared using doctrinal research method. The result of the research is that the legal protection of the crypto industry has been protected by the presence of the Futures Exchange, Clearing House, and Custodian whose rights and obligations are regulated in Perbappebti 13 of 2020 in conjunction with Perbappebti 8 of 2021 and also regulates the rights and obligations of PFAK and Crypto Investors in customer agreements. Other legal protections are guaranteed in UUPDP, UUITE, and UUPPSK. However, there are weaknesses, from a sharia perspective, crypto is considered haram because of the element of gambling and uncertainty of value. However, with the rapid development of the crypto industry, it is necessary to regulate it. The Ministry of Trade, OJK, Crypto Industry Players, and related Ministries/Institutions have collaborated but must be improved because there are challenges such as the transfer of duties to OJK, literacy and education that are not only in big cities, protection of personal data, and the open nature of law enforcement officials. The opportunities are the potential for local tokens to 'go international', potential tax revenue, and the potential for crypto to become virtual currency. If PFAK's business license is revoked, PFAK must return investor assets within a certain period of time while the Government has the role of freezing business licenses, revoking business licenses, and public announcements and the Government encourages the establishment of clearing houses that guarantee 70% of successfully deposited funds and custodians guarantee 70% of successfully transacted crypto assets. OJK's role is to submit a bankruptcy application to PFAK even though it is deemed not implementable because it is feared that OJK is subjective. Legal action that can be taken by Crypto Investors are non-litigation settlement through LAPS-SJK and BAKTI and litigation filed a default suit against PFAK through the District Court.