인도네시아의 크라우드펀딩 규제

The Indonesian crowdfunding industry has rapidly developed in recent years. In particular, the debt-based crowdfunding (or peer-to-peer [P2P] lending) market has enjoyed remarkable growth and is further expected to show sharp progress: approximately 70% of the 261 million population of Indonesia are under financial exclusion; there has been a rapid expansion of internet infrastructure and economic fundamentals; and the larger number of micro enterprises per 1000 adults compared to other Asian emerging markets. However, the risks underlying this progress are considerable. Misuse of the business for financial fraud, pyramid schemes or real property speculation is highly problematic, as the damages can spread over many ordinary investors or lenders. Hence, the Financial Service Authority (or OJK) adopted the Regulation of 2016 No.77 to govern P2P lending business. In contrast to the success of debt-based crowdfunding seen so far, the first equity crowdfunding business that appeared in 2017 closed in the same year. Currently, neither equity crowdfunding businesses nor relevant regulation exists in Indonesia. Although OJK announced in 2017 its plan to adopt new regulations, it has not given any notice of their substance. This paper discusses laws and regulations surrounding the crowd funding industry in Indonesia and analyzes their legal problems.