Addressing Criminal Liability in the Abuse of Financial Technology and Digital Assets: Empirical Evidence on Consumer Protection in Yogyakarta
Keywords:
criminal liability, financial technology, digital assets, consumer protection, fintech abuse, IndonesiaAbstract
The rapid development of financial technology (fintech) and digital assets has significantly transformed financial services, while simultaneously increasing the risk of misuse that may harm consumers. In Indonesia, the regulatory framework governing fintech and digital assets continues to evolve, yet challenges remain in ensuring effective criminal liability and consumer protection. This study aims to examine the implementation of criminal liability in cases involving the abuse of fintech and digital assets and to assess its effectiveness in protecting consumers, with a limited empirical focus on Yogyakarta. This research employs a normative-empirical legal research method. The normative approach analyzes statutory regulations related to fintech, digital assets, consumer protection, and criminal law, including financial services and electronic transaction regulations. The empirical approach is conducted through interviews and field observations involving law enforcement officials, regulators, fintech practitioners, and affected consumers in Yogyakarta to capture practical challenges in law enforcement and regulatory implementation.The findings indicate that the application of criminal liability in fintech and digital asset abuse cases faces several obstacles, including regulatory gaps, overlapping institutional authority, limited technical capacity of law enforcement agencies, and low public legal awareness. These challenges weaken deterrence and reduce the effectiveness of consumer protection mechanisms. The study further reveals that existing legal instruments have not been optimally integrated to address the complex nature of digital financial crimes. This research concludes that strengthening criminal liability requires regulatory harmonization, improved inter-agency coordination, and enhanced institutional capacity, alongside preventive measures such as consumer education and compliance-based regulation. The study contributes to the development of evidence-based legal policy recommendations aimed at improving consumer protection in the digital financial ecosystem
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