RUG PULLS : CLASSIFYING NFT SCAMS AND THE REGULATORY INSTRUMENTS NEEDED IN INDONESIA
DOI:
https://doi.org/10.36563/vcffdt08Keywords:
NFTs, scams, rug pulls, digital asset regulation, consumer protection, cyber lawAbstract
The phenomenon of Non-Fungible Token (NFT) trading has grown rapidly and has emerged as a promising new digital economic instrument. However, this development is accompanied by an increasing prevalence of scams within the NFT ecosystem, such as rug pulls, phishing, replay attacks, and falsified copyright claims over digital works. Indonesia currently lacks a regulatory framework that specifically governs NFT transactions or provides legal protection for consumers participating in them. This study aims to classify the various forms of NFT scams based on their juridical and technological characteristics, and to assess the adequacy of existing legal instruments in Indonesia, including criminal fraud provisions, consumer protection laws, electronic transaction regulations, and intellectual property rights. The research employs normative legal methods, focusing on statutory and conceptual approaches, as well as an examination of global practices in digital asset regulation. The analysis reveals a regulatory gap, particularly concerning marketplace liability, smart contract due diligence mechanisms, and cross-jurisdictional law enforcement. Therefore, the establishment of a specific regulatory framework that is risk-based, technologically adaptive, and oriented toward digital consumer protection is necessary.
Downloads
References
Chohan, U.W. (2021), "Non-Fungible Tokens: Blockchains, Scarcity, and Value". Economics of Innovation eJournal.
European Parliament. (2023). Markets in Crypto-Assets (MiCA) Regulation.
Hogan Lovells. (2023, February 20). Blockchain Consumer NFT Guide.
Nadya, Ninin. 2022. “Prospek dan tantangan dalam investasi NFT sebagai salah satu produk aset Kripto.”
Nasional, Badan Pembinaan Hukum. 2021. “Hasil Penyelarasan Naskah Akademik Rancangan Undang-Undang Tentang Perubahan Kedua Atas Undang-Undang Nomor 11 Tahun 2008 Tentang Informasi Dan Transaksi Elektronik.” Jakarta: Kemenkumham RI.
Ramdani, Risma Muhamad, Ujang Sumarwan, dan Irman Hermadi. 2023. “Analisis faktor-faktor yang berpengaruh terhadap sikap pengguna aset digital non-fungible token berbasis blockchain pada komunitas NFT Indonesia.” Jurnal Manajemen dan Organisasi 14(3): 268–86.
Safitri, Arna. 2022. “Perlindungan Hukum Bagi Pemilik Konten Nft (Non-Fungible Token) Menurut Sistem Hukum Hak Kekayaan Intelektual.”
Sujono, I., Baehaqi, J. F., Manullang, S. O., Rusli, M., & Dewi, R. S. (2024, March). Exploratory of cybercrime in law perspective, a research using bibliometric approach. In AIP Conference Proceedings (Vol. 2927, No. 1, p. 060044). AIP Publishing LLC
Trihanondo, Donny, dan Soni Sadono. 2023. “Token Non-Fungible (NFT) sebagai instrumen investasi seni berbasis blockchain.” Ideas: Jurnal Pendidikan, Sosial, dan Budaya 9(2): 333–42.
The Role of Mediators in ASEAN Trade Disputes in Consumer Protection Law Perspective. (2022). Proceedings of the International Seminar on Business, Education and Science, 1(1), 241-251. https://doi.org/10.29407/int.v1i1.2648
Allen & Gledhill. (2025, June 10). Regulatory framework for digital token service providers under Financial Services and Markets Act 2022 in operation on 30 June 2025. Retrieved from https://www.allenandgledhill.com/sg/publication/articles/30739/regulatory-framework-for-digital-token-service-providers-under-financial-services-and-markets-act-2022-in-operation-on-30-june-2025
Quek, L. F., & Yeo, T. Z. (2022, April 8). Summary of MAS’ Guidelines on Provision of Digital Payment Token Services to the Public. CNP Law. https://www.cnplaw.com/summary-of-mas-guidelines-on-provision-of-digital-payment-token-services-to-the-public-cnpupdate-april-2022/
Sudirjo, F., Enzovani, S., & Desembrianita, E. (2023). Pendekatan strategi pemasaran NFT untuk meningkatkan kesadaran konsumen dan mendorong tindakan di lingkungan kripto. Jurnal Bisnisman: Riset Bisnis dan Manajemen, 5(2), 39–49.Dowling, M. (2022). Is non-fungible token pricing driven by cryptocurrencies? Finance Research Letters, 44, 102051.
Singapore. (2019). Payment Services Act 2019 (No. 2 of 2019). Singapore Statutes Online. Retrieved from https://sso.agc.gov.sg/
SEC (U.S.). (2021). Framework for “Investment Contract” Analysis of Digital Assets.
Undang-Undang Nomor 11 Tahun 2008 tentang Informasi dan Transaksi Elektronik.
Undang-Undang Nomor 8 Tahun 1999 tentang Perlindungan Konsumen.
Undang-Undang Nomor 28 Tahun 2014 tentang Hak Cipta.
Undang-Undang Nomor 27 Tahun 2022 tentang Perlindungan Data Pribadi.
Wang, Q., Li, R., Wang, Q., & Chen, S. (2021). Non-Fungible Token (NFT): Overview, Evaluation, Opportunities and Challenges. arXiv preprint arXiv:2105.07447.
Downloads
Published
Issue
Section
License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.
