Civil Liability of Crypto-Asset Custodians for Consumer Asset Losses after OJK Supervisory Transfer
DOI:
https://doi.org/10.0805/fqv2fq78Keywords:
crypto-asset custody; consumer asset loss; civil liability; OJK; asset segregation; operational resilienceAbstract
This study examined the civil liability of crypto-asset custodians for consumer asset losses after supervision was transferred to the Financial Services Authority. Normative legal research used statutory, conceptual, and comparative approaches. The study found that OJK Regulation Number 27 of 2024, as amended by Regulation Number 23 of 2025, imposes direct responsibility for assets lost in custody, while Law Number 4 of 2026 classifies centralized custodians as Crypto-Asset Financial Services Institutions. Attribution within multi-entity custody chains, evidentiary asymmetry, valuation, insolvency segregation, and mass compensation nevertheless remain insufficiently regulated. The proposed control-based and layered recovery model applies a rebuttable presumption against the entity controlling private keys, joint and several liability when operators cannot locate the loss, in-kind restitution, mandatory insurance, an industry compensation fund, real-time reconciliation, and bankruptcy-remote treatment of identifiable consumer assets.
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