Tokenisasi Aset dalam Perspektif Maqashid AlSyariah: Analisis Konseptual dan Kesiapan Regulasi di Indonesia

Abstract

Perkembangan tokenisasi real-world asset berbasis teknologi blockchain menawarkan peningkatan efisiensi dan transparansi transaksi. Meskipun demikian, inovasi tersebut memunculkan diskursus mengenai kesesuaiannya dengan prinsip Maqashid al-Syariah serta tingkat kesiapan regulasi nasional. Penelitian kualitatif yang dilaksanakan bertujuan untuk mengevaluasi aspek-aspek tersebut melalui metode literature review, content analysis terhadap kerangka regulasi, dan wawancara mendalam. Hasil penelitian mengindikasikan bahwa potensi kemaslahatan dari tokenisasi bersifat kondisional, bergantung pada kepastian hak kepemilikan serta efektivitas pengawasan kelembagaan. Kerangka regulasi di Indonesia telah memfasilitasi dasar hukum awal melalui pendekatan kehati-hatian dan mekanisme regulatory sandbox, namun belum mencakup pengaturan yang secara spesifik mengikat struktur hukum tokenisasi secara komprehensif. Implikasi penelitian menegaskan urgensi penguatan regulasi guna menjamin kepastian hukum, sehingga inovasi tokenisasi real-world asset dapat sepenuhnya selaras dengan tujuan hakiki Maqashid al-Syariah.

The development of blockchain-based real-world asset tokenization offered increased transaction efficiency and transparency. Nevertheless, the innovation raised discourses regarding its conformity with Maqashid al-Shariah principles and the readiness of national regulations. The qualitative study aimed to evaluate these aspects through a literature review, content analysis of regulatory frameworks, and in-depth interviews. The results indicated that the potential benefits of tokenization were conditional, influenced by the legal certainty of ownership rights and the effectiveness of institutional supervision. The regulatory framework in Indonesia provided an initial legal foundation through a prudential approach and a regulatory sandbox mechanism, but it lacked specific regulations comprehensively binding the legal structure of tokenization. The implication of the study affirmed the urgency of strengthening regulations to ensure legal certainty, thereby enabling asset tokenization innovations to align fully with the ultimate objectives of Maqashid al-Shariah.