Web3 Era: Truths and Dilemmas to Enhance the Future Policy

This book is a comprehensive update and significant expansion of the first edition published in 2020. In the six years since the first edition was launched, the landscape of blockchain technology and cryptocurrency has undergone an exponential transformation. Whereas in 2020 this ecosystem was still overshadowed by dominant regulatory uncertainty, by 2026 the world has officially entered an era of a far more comprehensive legal framework.

The book thoroughly examines the digital asset revolution, from the foundations of Distributed Ledger Technology (DLT) to the convergence of cutting-edge technologies in the Web3 era. The latest market and technological dynamics—such as the arrival of the Spot Bitcoin ETF that opened the door to large-scale institutional adoption, the tokenization of Real-World Assets (RWA) that bridges traditional finance with blockchain, and the convergence of Artificial Intelligence (AI) and Decentralized Physical Infrastructure Networks (DePIN)—are discussed in depth as the primary drivers of the future economy.

In addition to dissecting innovation, the book also openly presents the realities and dilemmas occurring within the industry. Readers are invited to draw valuable lessons from case studies of global-scale failures, such as the collapse of the FTX exchange and the destruction of the Terra/LUNA algorithmic stablecoin ecosystem in 2022. These various events became the primary catalyst for authorities worldwide to formulate solid legal frameworks, such as the enactment of the GENIUS Act in the United States and the Markets in Crypto-Assets Regulation (MiCA) in the European Union.

In Indonesia itself, the most fundamental change is discussed in detail—namely, the shift of crypto asset supervision from the Commodity Futures Trading Regulatory Agency (Bappebti) to the Financial Services Authority (OJK), which officially took effect on 10 January 2025 through the mandate of the P2SK Law. This transformation reclassifies cryptocurrency from a futures commodity into a digital financial asset, which in turn provides greater legal certainty and stronger consumer protection. Other crucial issues, such as crypto tax reform (PMK 50/2025) and legal compliance testing, are also explained in a practical manner.

Intended for academics, legal practitioners, regulators, industry players, and the general public, this book serves as a literacy guide that combines technical, business, and legal understanding. Accurate information is greatly needed so that the public and policymakers can build a healthy ecosystem, and ensure that Indonesia becomes not merely a market, but also takes on a strategic role within the global Web3 ecosystem.