Crypto Assets as Property in Indonesian Law: Substantive Qualification and a Partial Lacuna Legis in Their Proprietary Consequences

Abstract

The number of crypto asset users in Indonesia reached 21.70 million by April 2026, yet its status as property (benda) under the Indonesian Civil Code (KUH Perdata) remains undefined. This normative legal study employs statutory and conceptual approaches to analyze the classification of crypto assets as objects of property rights. The findings indicate that crypto assets substantially meet the criteria for intangible movable property under Articles 499 and 503 of the Civil Code, as they possess economic value, are identifiable, and are technically controllable via private keys. However, possession of a private key serves merely as an indicator of factual control rather than automatic proof of ownership or a basis for droit de suite; legal ownership must still be established through transaction histories, agreements, and custodial arrangements. This substantive classification has not yet resulted in uniform property-law consequences. The numerus clausus principle does not preclude classification as property but necessitates clarification regarding the associated legal consequences. Furthermore, the principle of publicity remains unsatisfied, as the link between wallet addresses and holder identities is inaccessible to third parties. This situation creates a partial lacuna legis regarding proof of ownership, transfer, inheritance, security interests, seizure, and execution, placing crypto assets in a zwevende rechtspositie (suspended legal position) between substantive classification and formal regulation. Consequently, legislation is required to clarify the property-law implications of crypto assets and to establish publicity mechanisms compatible with their cryptographic nature.