Legality Of Crypto Assets As An Investment Instrument From The Perspective Of Islamic Law: An Empirical Analysis Of Perceptions And Sharia Compliance In Indonesia

Abstract

This study aims to analyze the legality of cryptocurrency as an investment instrument from the perspective of Islamic law through an empirical juridical approach. The growing public interest in digital asset investment raises legal and ethical questions, particularly regarding its compliance with Sharia principles. Primary data were collected through interviews and questionnaires distributed to Muslim cryptocurrency users in Indonesia, while secondary data were obtained from statutory regulations, the fatwas of the National Sharia Council of the Indonesian Ulema Council (DSN-MUI), and relevant literature on Islamic law and digital investment. The findings indicate that most respondents are aware that cryptocurrency has been legalized by the Commodity Futures Trading Regulatory Agency (Bappebti) as a tradable commodity; however, only a small portion understand the restrictions stipulated in DSN-MUI Fatwa No. 140/DSN-MUI/XI/2021. This gap reflects a discrepancy between formal legality under positive law and normative legitimacy under Islamic law. Therefore, strengthening public literacy on Islamic legal principles and providing continuous education on Sharia-based economic ethics are essential to harmonize regulatory compliance with Sharia observance in the digital investment context.