Aset Digital sebagai Objek Jaminan Kebendaan dalam Sistem Hukum Jaminan: Analisis Kepastian Hukum dan Reformulasi Pengaturan Berbasis Perbandingan Hukum

Abstract

The use of digital assets as collateral in financing transactions raises legal issues concerning asset eligibility as an object of proprietary rights, the creation and publicity of security interests, creditor priority, and enforcement. In Indonesia, general rules on intangible property and fiduciary security exist, but they do not provide a comprehensive framework governing the entire lifecycle of security rights over digital assets. This study aims to examine these regulatory gaps and formulate a model for reforming security law through a comparison of the United States, Singapore, and Australia. It employs normative legal research using statutory, conceptual, and comparative approaches, with qualitative analysis. The findings indicate that Indonesia’s main challenge lies not merely in recognizing the economic value of digital assets, but in integrating rules on asset eligibility, security creation, control, registration, priority, and enforcement. The comparative analysis reveals distinct approaches: in the United States, Uniform Commercial Code Articles 9 and 12 regulate the creation and perfection of security interests and control mechanisms for specified asset categories; Singapore’s jurisprudence recognizes digital assets as property capable of attracting certain proprietary rights; while Australia’s Personal Property Securities Act 2009 provides a framework for security interests in personal property, including registration and priority rules. Based on these findings, this study proposes reforming Indonesia’s Fiduciary Security Law through specific provisions on digital assets, control-based security mechanisms tailored to asset characteristics, an integrated digital collateral registry, clearer creditor priority rules, and transparent, proportionate enforcement that safeguards debtors’ rights. This model contributes an integrated normative framework for digital asset secured transactions to strengthen legal certainty in Indonesia’s asset-based financing system.