Volume IV: Society, Culture, and Local Ecological Wisdom

Cryptocurrency Regulation in the Malay World of Southeast Asia in the Perspective of Siyāsah Dustūriyyah: An Analysis of State Policy and Legal Protection of Digital Assets

  • Mustofa UIN Sunan Gunung Djati Bandung, Indonesia

Keywords

Siyāsah Dustūriyyah; Cryptocurrency; Blockchain; Digital Assets; Maqāṣid al-Sharī'ah; Malay World of Southeast Asia.

Abstract

The rapid development of blockchain technology and cryptocurrency has significantly transformed economic and financial systems worldwide, including the Malay World of Southeast Asia. The emergence of digital assets has created not only opportunities for economic innovation but also legal, regulatory, and consumer protection challenges that require effective state responses. The diversity of regulatory approaches adopted by countries within the Malay region—including Indonesia, Malaysia, Brunei Darussalam, and Southern Thailand— reflects the dynamic role of the state in maintaining economic stability, protecting public interests, and accommodating the advancement of digital financial technology. This study aims to analyze cryptocurrency regulation and the legal protection of digital assets in the Malay World of Southeast Asia through the perspective of Siyāsah Dustūriyyah and examine its compatibility with the principles of Maqāṣid al-Sharī'ah. Employing a normative legal research method with a comparative and conceptual approach, this study examines state regulations, public policies, religious fatwas, and academic literature. The findings indicate that countries in the Malay World adopt diverse regulatory frameworks, forming four distinct regulatory typologies. From the perspective of Siyāsah Dustūriyyah, cryptocurrency regulation is understood as an implementation of the principle taṣarruf al-imām manūṭun bi al-maṣlaḥah, emphasizing the state's obligation to promote public welfare, protect wealth (ḥẓ al-māl), and prevent potential harms within the digital economic ecosystem.

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