Commodity Futures Trading Research Articles

Hak Cipta Aset Nft (Non-Fungible Token): Ancaman Nyata Bagi Seniman

The Non-Fungible Token is an opportunity for artists to introduce their digital works to the general public, but it can also become a real threat to artists' attempts to commercialize their digital arts. This research aims to complement the studies regarding prevention and law enforcement related to copyright infringement of Non-Fungible Token assets. The research method used by the author in this article is normative juridical research supplemented by interviews, and this research uses a statute approach that is carried out by examining all laws and regulations related to the copyright of a work. The Commodity Futures Trading Regulatory Agency cooperates with the Ministry of Communication and Information in terms of prevention by blocking content and data. Another preventive measure is for artists to register with and join the Collective Management Institute (LMK). In addition, special laws and regulations are needed that regulate the protection of Non-Fungible Token assets, as well as the role of copyright law enforcement agencies and the public, to minimize the occurrence of violations in the realm of copyright.

Praktek Jual Beli Crypto Asset di Futures Market Perspektif Hukum Syariah

With his journey initially rejected, crypto assets began to be accepted internationally. In these few years to this day, it shows the process of changing international views on crypto assets. Although crypto assets are not considered as legal tender, Indonesia categorizes crypto assets as assets or commodities. This makes crypto assets under the regulation of the Commodity Futures Trading Supervisory Agency (BAPPEBTI) which is confirmed in Article 1 of the Regulation of the Minister of Trade of the Republic of Indonesia Number 99 of 2018 concerning General Policy for the Implementation of Crypto Assets Futures Trading (Crypto Assets), designated as commodities that can be subject to futures contracts. traded on futures exchanges. The purpose of this study is to examine and analyze the practice of buying and selling crypto assets on the Futures Market in terms of Sharia law. This research when viewed from the source of the data is normative legal research, namely research by examining library materials which are secondary data and also referred to as library research. The results of this study produce practices that occur in crypto asset trading contracts in the futures market, which are basically ribâl fadli practices. In addition, the legal prohibition of trading crypto assets in the futures market is due to the element of maisir. 'This illat appears as the option that small traders have is only one, which is to only sell at maturity. As a result, it automatically cancels the contract so that only the new price is left for the "down payment" and not the "crypto commodity".
 Keywords: Crypto Asset, Futures Market, Sharia Law

The Legal Problems of Weakness Supervision of Binary Option in Indonesia

This article aims to find out and assess the forms of binary option supervision in Indonesia contained in statutory regulations. This article discusses the legal problems of the weakness of binary option supervision in Indonesia. This research uses normative research methods using primary and secondary legal materials collected using literature studies with a statutory approach.
 This study found that although supervision of commodity futures trading in Indonesia has been carried out by Bappebti, there are still problematic weaknesses in supervising binary option trading which is currently a new trend in Indonesian society. Futures trading in Indonesia is regulated in Law No. 10 of 2011 concerning Commodity Futures Trading. Bappebti's supervision has legal problems, namely in the form of the absence of a special regulation on binary option trading, lack of education for the public, imposition of sanctions that are less strict, and the existence of legal vagueness. Bappebti is expected to have a legal strategy in optimizing binary option supervision in Indonesia in the form of: making strict regulations, socializing to the public about the dangers of illegal investment, increasing financial and investment literacy, and can cooperate with foreign regulators to improve binary option supervision in Indonesia.

Mekanisme Penyelesaian Sengketa Dalam Perdagangan Berjangka Komoditi

Commodity futures trading is everything related to the sale and purchase of commodities with margin withdrawals and later settlement based on futures contracts, sharia derivative contracts, and/or other derivative contracts. Commodities are all goods, services, rights and other interests, and any derivatives of commodities, which can be traded and become the subject of futures contracts, sharia derivative contracts, and/or other derivative contracts.
 The purpose of this study is to find out what is meant by commodity trading and dispute resolution mechanisms in commodity futures trading either in an alternative or litigation manner. This study also explains the law concerned with commodity futures trading.
 This study uses normative research methods. Normative legal research is legal research conducted by examining literature or secondary data

State Responsibility to Protecting Crypto Assets Customers

Cryptocurrency regulation presents a unique and monumental challenge for policymakers. Many countries have threatened to impose complete bans on the use and trading of cryptocurrencies. This study aims to describe the responsibility of the State in protecting crypto asset customer in Indonesia. The normative juridical research method with data sources including primary data and secondary data is used as an analytical tool. The results of the study show that in order to protect crypto asset customer in Indonesia, the government refers to the Commodity Futures Trading Law No. 10 of 2011 which can provide legal protection for investors. Hedging of commodity futures contracts is carried out under the direct supervision of the Commodity Futures Trading Regulatory Agency (BAPPEBTI).

IUS Constituendum of Expert Advisor in Commodity Futures Trading: A Legal Certainty

This study aims to construct forward arrangements regarding Expert Advisors in commodity futures trading. The legal issue being studied is the legal vacuum of regulating trading robot software or commonly known as an Expert Advisor in commodity futures trading. The novelty of this research is legal discovery through legal construction of the development of Expert Advisors in commodity futures trading. This research is juridical-normative legal research by prioritizing statutory and conceptual approaches. The results of the study confirm that the urgency of setting up an Expert Advisor as a futures adviser in commodity futures trading is needed in order to provide legal certainty for commodity futures transaction actors. Legal certainty related to the arrangement of Expert Advisors as futures advisers in commodity futures trading is also needed for CoFTRA as a supporting element of the ministry of trade as well as being a supervisor and enforcer of various legal provisions in the practice of commodity futures trading so that the supervision and enforcement process can be more optimal and can guarantee legal certainty, benefits, and fairness for commodity futures trading actors. Ius constituendum Expert Advisor as a futures adviser in commodity futures trading to ensure legal certainty can be carried out by revising the Law on commodity futures trading, including conducting a judicial review at the Constitutional Court regarding the provisions in the Law on commodity futures trading.

Sentiment Analysis of Cryptocurrency Exchange Application on Twitter Using Naïve Bayes Classifier Method

Purpose: The growth and development of the digital currency industry also presents a variety of applications for conducting transactions using these currencies, including utilizing cryptocurrency exchanges to make investments. InI ndonesia, there are two applications that fall into the category of the largest cryptocurrency exchange and are recognized by Bappebti (Commodity Futures Trading Regulatory Agency), namely TokoCrypto and Indodax. Both applications are analyzed based on the sentiments of their users on Twitter.Design/methodology/approach: In this study the data collected is data originating from social media Twitter and has the keywords "indodax" or "#indodax" and "tokocrypto" or "#tokocrypto". The data used is between January 2021 – January 2022. The data collected from Twitter is processed using the Naïve Bayes Classifier algorithm.Findings/result: From the results of the analysis, it was found that the Indodax application has a higher positive sentiment percentage value of 9% compared to TokoCrypto.Originality/value/state of the art: The use of the Naïve Bayes algorithm in this study supports sentiment analysis of cryptocurrency exchange application users to consider which application has better positive sentiment for investing in digital currency or cryptocurrency.

Kepastian Hukum Aset Kripto sebagai Instrumen Investasi dalam Persfektif hukum islam dan Hukum Positif


 Cryptocurrency is a virtual currency that has no physical or concrete form and exists in cyberspace. One of several types of crypto money is Crypto Asset. The use of Crypto Assets as a means of payment in online buying and selling transactions has recently become increasingly widespread, even though the government has banned this practice. At the beginning of 2019, the Indonesian government has issued regulations regarding the legalization of Crypto Assets (crypto assets) in Commodity Futures Trading. The dual function of Crypto Asset as a commodity and online transaction exchange tool raises pros and cons among scholars and economists. This study aims to obtain answers regarding cryptocurrencies as a commodity in Indonesia and what are the opportunities for Crypto Assets as subjects in Islamic commodities on the Commodity Exchange. The theory applied is the theory of legal and vanity business transactions in Islam. This research is a literature study and is qualitative in nature. The data analysis technique used is analytical descriptive with a normative juridical Islamic law approach. From this research, the results show that cryptocurrencies can be traded on Islamic commodity exchanges on condition that the state protects this trade under a legal umbrella and issues cryptocurrencies where the price is determined by gold or the country's currency. Crypto Assets cannot be used as commodities in Sharia Derivative Contracts in Indonesia, because Crypto Assets still contain speculation, maysir and are prone to be used for illegal activities. Crypto assets are legally h}aram lighairihi or illegal due to external factors, so they should be avoided.
 Keywords: Legal Certainty, Crypto Assets, Investment in Islamic Law and Positive Law

Mekanisme Eksekusi Sita Jaminan Aset Kripto di Indonesia

Cryptocurrency is a type of virtual currency that works similarly to real money and enables users to virtually send payments for transactions involving business. With the development of crypto assets today, several pawn and loan institutions accept crypto assets as collateral objects. In the case of pawning, default can also occur which requires that the collateral from the debtor be confiscated in the event of default. The purpose of this study is to determine the legal strength of crypto assets used as collateral objects and to find out the execution mechanism for crypto asset confiscation in Indonesia in the event of default. This study used a normative juridical research method for its research. The type of information used in this study is secondary information, specifically information found through library research. The result of this research is that crypto assets can be used as collateral objects, but not as main collateral. Crypto assets as collateral objects already have strong legal force, this is based on Book II of the Civil Code, Law no. 10 of 2011 concerning Amendments to Law Number 32 of 1997 concerning Commodity Futures Trading, Regulation of the Commodity Futures Trading Supervisory Agency Number 5 of 2019 concerning Technical Provisions for the Implementation of the Physical Crypto Asset Market on the Futures Exchange. In terms of regulating the confiscation of crypto assets, it can be said that currently in Indonesia itself there are no special regulations and special institutions that regulate the confiscation of crypto assets. But the process of confiscation of crypto assets can be carried out with procedures such as foreclosure of other material guarantees.

Legal Aspect of Binary Options Broker Platform Related to Operating Permissions From Bappebti and Liability of Company’s Information From Blocked Social Media

It seems that we are bombarded every day with advertisements touting the benefits of investing online through binary options brokers (Binary Options). Pop ups on various social media showing celebrities and their yachts, and driving luxury cars and luxury vacations on their own Tropical Islands. However, due to a lack of information, many have stuck with this risky fantasy, and this has been proven again, investing is not a game, and many people who think they can make a fortune trading online quickly eat up years of savings. This research applied a normative legal study using statutes, conceptual, and case approaches. The legal materials were through document study, i.e., reviewing regulations and concepts relevant to investment law. Data in this research were analyzed qualitatively. The result research shows that many people make promises to the public that online trading can generate large profits as additional income. In practice, it is said through it money will work for us. Even though the risk of loss that can occur is also very large or commonly known as a highrisk high return. Public enthusiasm for transactions in the field of Commodity Futures Trading during the pandemic has increased. For this reason, supervision and observation needs to be tightened to prevent potential losses to the public due to unlicensed offers of advertisements and promotions in the field of Commodity Futures Trading and one of the ways is by imposing restrictions so that the websites of these unlicensed entities cannot be accessed. Entity applications that do not have permission from Bappebti, which are still on the Google Playstore and IOS Appstore, and socialized by various influencers-celebs on social media contain elements of fraud and their legality is questionable.

Commodity Futures Trading at the 52-Week High and Low

Commodity Futures Trading at the 52-Week High and Low

The openness of corporate law in supervising commodity futures trading in emerging markets

Regulations regarding the prohibition of giving full power of attorney from customers to brokers still cannot be fully implemented by stock futures brokerage companies in emerging economies. This then becomes a problem for brokerage firms in the future. The purpose of this study is to analyze the legal protection of cryptocurrency investors reviewed based on Indonesia’s Commodity Futures Trading Authority Regulation No. 5 of 2019 and analyze the legal remedies taken in the event of a dispute over cryptocurrency investment. This research is sociological legal research and uses a positive law enforcement approach to the community. The results highlighted when the customer agrees to transact in futures trading through the facilities provided by the brokerage company, the customer must follow the procedure set by Commodity Futures Trading Authority (CoFTRA) or Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI), where the customer must fill out an agreement book whose contents are also regulated in CoFTRA Regulation No. 8 of 2019 concerning Technical Provisions for Futures Trading and Futures Broker Behavior.

Does decentralised finance equal deregulated finance?

DeFi is a fast-growing sector of the blockchain ecosystem. In this paper, readers are introduced to key concepts in DeFi, including use cases for the technology, differences between permissionless and permissioned DeFi, and the respective advantages of participating in DeFi vs. CeFi platforms. Unlike CeFi, in which a central platform or party acts as an intermediary to facilitate crypto asset transactions, DeFi protocols and platforms rely on self-executing smart contracts to perform their functions and do not custody their users' assets. Accordingly, there are open questions as to how DeFi can be regulated. Indeed, some declare that DeFi should not be regulated. This paper analyses the key arguments in favour of and against regulation of DeFi in the context of the recent crypto asset market instability, including a breakdown of various theories of liability under which regulators seek to identify bad actors and penalise harmful activity. It then synthesises recent statements and enforcement activity by US regulators, including the Commodity Futures Trading Commission, Securities and Exchange Commission, Department of Justice, Financial Crimes Enforcement Network and legislative activity, including President Biden's recent executive order, and the Lummis–Gillibrand Responsive Financial Innovation Act. To date, US lawmakers and regulators have viewed the label ‘decentralised’ with scepticism, applying a functional analysis to identify participants exerting various degrees of control over DeFi protocols in order to enforce regulations.

INVITED PAPER — A CONJECTURE ON THE ORIGINS AND EVOLUTION OF MARKETS

The author shares his theory on market creation and evolution from his perspective as an academic and a practitioner who has been involved in financial innovation for five decades. Rather than being spontaneously created, markets appear to follow a clear set of steps (the “seven-stage” process) from inception to maturity. It is critical that the benefits from transacting are greater than the costs of establishing the market — otherwise the evolution does not occur. Historical examples of the process outlined by the author can be found in commodity, equity, fixed income and environmental markets. The author provides observations and lessons that his evolutionary framework shares with financial inventive activity in new and existing products in our rapidly evolving digital world. Recent digital innovations such as the blockchain have evolved in a framework that did not require a legislative or regulatory framework (or what the author calls a “permissionless” environment). A properly designed regulatory environment can be permissionless regarding inventive activity (withness the Commodity Futures Trading Commission in the United States). A permissionless environment has historical precedent in other “analog” innovations such as wheat trading in the 19th century or financial futures in the mid-1970s. Following the seven-stage process, those innovations arose from structural changes or latent economic demands. Their standards and infrastructure were only much later understood and adopted by the regulators. Given that, the author suggests that since changes now occur at hyper speed, the implications for the future shape of derivatives markets are likely to be profound.

Marionettes behind co-movement of commodity prices: Roles of speculative and hedging activities

Do investors' financial trading behaviors really affect commodity price fluctuations? What is their role behind the financialization of commodities? Adopting weekly data from the U.S. Commodity Futures Trading Commission (CFTC), this paper uses quantile regression to study the nonlinear influence of speculative and hedging activities on the co-movement of commodity returns. Empirical results indicate that, firstly, speculative activities enhance the co-movement while hedging activities weaken the correlation between different commodity prices on average. Moreover, both effects are strengthened when the correlation in the quantile regression increases. In addition, the coefficient change trend of sub samples before the crisis at different quantiles is opposite from that of the whole sample and the sample after the crisis, whether it is speculation or hedging. Lastly, speculative and hedging activities have significant asymmetric effects on the excess co-movement. Some new and interesting conclusions are found, with implications for investors, regulators and policymakers.

The Legality of Cryptocurrency Transactions in Indonesia

This study aims to know the cryptocurrency is a digital currency that is used as a medium for transactions or payments between people online (peer to peer). Cryptocurrencyis a virtual currency that is protected with a secret code that is complex enough to protect and maintain the security of the value of the currency. Several types of cryptocurrencies include ethereum, ripple, litecoin, dogecoin, mrai, dashcoin, and so on. Currently, cryptocurrency is an investment instrument that is quite attractive to the public, the popularity of crypto investment itself can be seen from the increasing number of cryptocurrency investors. Therefore,The Commodity Futures Trading Supervisory Agency (CoFTRA) of the Ministry of Trade as a regulator that oversees cryptocurrencies in Indonesia has begun to tighten supervision of crypto asset trading. The research used is normative legal research with a statutory and conceptual approach. The research stages were carried out by analyzing the Commodity Futures Trading Supervisory Agency Regulation Number 7 of 2020 concerning the Determination of the List of Crypto Assets that can be Traded in the Crypto Asset Physical Market (PerCoFTRA Number 7 of 2020), and Act No. 7 of 2011 concerning Currencies, to find out cryptocurrency legality in Indonesia. The protection carried out on crypto assets is by first registering the type of cryptocurrency with CoFTRA to be analyzed and determined to be tradable or not. The determination of tradable crypto assets is carried out through the Analytical Hierarchy Process (AHP) valuation method which has several assessment criteria that must be met, where the conditions for crypto assets that can be traded on the physical asset market must be guided by CoFTRA No. 7 of 2020.

Legal Basic Analysis of Unlicensed Futures Options Trading (Online Broker Case Study)

The purpose of this study is as follows to determine the mechanism for licensing and regulatory agreements of the parties related to futures options trading and to find out the legal review of futures options trading based on positive law and Islamic law. The approach method used in this study is the normative method, because in this research what will be examined are legal rules, legal principles regarding the legal basis of unlicensed futures options trading (case studies of online brokers). The type of research used is descriptive, namely to describe clearly the legal basis for trading futures options without a permit (online broker case study). The results of the study explain that the provisions regarding the licensing mechanism and the regulation of the agreement of the parties related to futures option trading are explained in Regulation Number 83/BAPPEBTI/Per/06/2010 concerning Procedures for the Implementation of Promotional Activities or Advertising, Training, and Meetings in the Field of Commodity Futures Trading. Any party who violates this provision will be subject to sanctions in accordance with the applicable provisions. For domestic futures companies, their business licenses will be revoked. As for foreign companies, CoFTRA has the right to ask the police to investigate these companies. In fiqh, this futures contract is referred to as a qad salam with "salam object" (al-muslam fih), is called bai'ul benefit (benefit sale and purchase). Determination of margins, in accordance with Surah an-Nisa' Verse 197.

LEGAL PROTECTION OF THE PARTIES IN THE CRYPTO ASSETS INVESTMENT AGREEMENT ON THE INDODAX WEBSITE VIEWING FROM CIVIL LAW ASPECTS


 Crypto can be interpreted as a data series that results from the formation of an electronic system, namely Cryptography that uses a peer-to-peer method in its work system, a system used as a transaction in cyberspace (cyber) will generate data or can also be referred to as an electronic document. . And by definition a crypto asset is a form of asset because crypto itself is also interpreted as an item that can be owned by a certain person or group and has economic value, which can be used and owned by legal entities or individuals. Therefore, Crypto is included in digital assets. It is the basis of Crypto users to make it not only as a means of payment but also as an asset for investment. Based on Article 1 Number 2 of the Commodity Futures Trading Act, crypto can be categorized as a commodity. Crypto is characterized by high volatility due to high price fluctuations. Crypto is legally declared as a commodity that can be traded in futures trading, namely as a crypto asset that can be used as the subject of a contract and then demands further regulation to be regulated by CoFTRA as a legal entity that carries out crypto transactions. The legal relationship that occurs between parties in the use of crypto can be known as a legal relationship between business actors and consumers or known as Business to Customer (B2C). PT. Indodax in this case can be called a business actor who offers digital asset exchange services and sells various types of digital assets to consumers (in this case users who are official members of PT. Indodax). Legal relationships are formed from the existence of electronic contracts. This can be a form of legal protection for consumers and businesses themselves.

Review of the Legality of Binary Options According to Islamic Law and Laws in Indonesia

A binary Option is a financial or financial product in which the parties involved are placed on one of two options within a certain period of time. Juridically, the legality of Binary Options as a Futures Trading Commodity is still being debated. This is because in order to be considered a commodity, it must fulfill the phrase "future contract" as referred to in the Commodity Futures Trading Act. When referring to the objective terms of the contract, the contract must fulfill valid reasons where the Binary Option raises questions about the validity of the contract in the context of Binary Options. From a consumer perspective, without permission from CoFTRA for consumer protection, there is no clarity, both from a legal and practical perspective. The purpose of this study is to find out how Islamic law and laws in Indonesia treat the binary options affiliate system. Using normative law with a framework to find out legal norms, Islamic legal principles, and legal doctrines that are used to answer legal problems faced. take notes from literary books, laws, and regulations, newspapers, magazines, or online communication media that are relevant to the problem being studied

Legality of Using Forex Trading Robot Applications in Commodity Futures Trading

The purpose of this writing is used to analyze and understand the use of the Trading Robot Application in Futures Trading assets against a norm that is already in force in Indonesia with several phenomena that occur as a result of the use of a forex transaction trading robot application that is misused to commit crimes. The research method used in this paper is normative law which includes the statue approach, the historical approach and the sociological approach. The results of the study that the use of the Trading Robot Application has not been regulated in Law Number 10 of 2011 concerning Amendments to Law Number 32 of 1997 concerning Commodity Futures Trading and is an act that does not have a permit so that it can be subject to criminal sanctions. This creates a legal vacuum that can lead to uncertainty in the disharmonization of laws and regulations, especially in futures trading. Thus, it is necessary to update the law by aligning technological advances by covering aspects of legality, specifications, qualifications of trading robots, and the concept of illegal is an administrative violation as an effort to ensure legal certainty.