Fatwa Muhammadiyah Soal Kripto: Sah untuk Investasi, INDODAX Dorong Edukasi Investor

Vice President of INDODAX, Antony Kusuma. (Photo: Special)

JAKARTA - The Tarjih and Tajdid Assembly of the Central Leadership (PP) of Muhammadiyah in March 2026 issued a fatwa stating that crypto assets can be seen as digital assets of value that meet the criteria of fiqh mal mutaqawwam, so that they can be used as an investment instrument. However, in Indonesia, the fatwa also confirms that crypto is not legally used as a means of payment due to high price volatility and the potential to cause harm in transactions.

Responding to this, Vice President of INDODAX, Antony Kusuma, assessed that the Muhammadiyah view provides an important reference for the Muslim community in understanding the position of crypto assets in the perspective of Islamic economics.

"This Muhammadiyah fatwa provides clarity for Muslim investors that crypto assets can be seen as investment instruments within the framework of sharia. This view is also an important momentum to encourage the increasingly mature Indonesian crypto ecosystem. However, as an investment instrument, crypto assets still have volatile characteristics that investors need to understand, so that literacy regarding risk management and understanding of asset fundamentals are important in investing in digital assets," said Antony, in his statement, Tuesday, March 10.

In the fatwa, Muhammadiyah said that the permitted crypto activities include long-term investment, spot trading, and productive staking. Meanwhile, practices that are considered not in accordance with Sharia principles include futures trading, the use of interest-bearing debt through leverage or margin trading, market manipulation such as pump and dump, and short selling transactions.

This fatwa answers the discourse that has developed among Muslims in Indonesia regarding the law on crypto assets. With a population of around 242 million Muslims, Indonesia is the country with the largest Muslim population in the world, so that clarity of the sharia view on digital economic instruments such as cryptocurrencies is becoming increasingly relevant for the community.

Previously, the Indonesian Ulema Council (MUI) through the results of the 2021 Ulama Ijtima' stated that cryptocurrencies are not valid for use as a means of transaction because they contain elements of gharar (uncertainty), dharar (loss), and qimar (gambling). However, there are exceptions, cryptocurrencies can be judged to be valid for trading as commodities or assets, provided that they meet the conditions of sil'ah (commodities) in terms of sharia, have a clear underlying and real economic benefits.

Along with this development, public interest in crypto assets is also increasing. Data from the Financial Services Authority (OJK) shows that the number of crypto investors in Indonesia reached around 20.70 million users as of January 2026. This growth shows that crypto assets are increasingly being considered as one of the investment alternatives in the midst of global economic dynamics, so understanding risk management and portfolio diversification is becoming increasingly important for investors.

As a pioneer of crypto exchanges in Indonesia, INDODAX confirms its commitment to continue strengthening responsible investment literacy and education for the community. INDODAX has also been registered and supervised by the Financial Services Authority (OJK), with the implementation of security and compliance standards such as Know Your Customer (KYC) and Anti-Money Laundering (AML) to support a safe, transparent, and sustainable crypto asset trading ecosystem.