JAKARTA - Crypto asset trading activity in Indonesia still shows a strong trend. Data from the Crypto Exchange PT Central Finansial X (CFX) shows that trading activity in the derivatives market was recorded at Rp3.88 trillion during 1-28 February 2026.
However, this development was followed by attention from various circles, including religious institutions. Muhammadiyah recently issued a fatwa regarding the law of crypto in Islam through the Muhammadiyah Central Leadership Tarjih and Tajdid Assembly on March 4, 2026.
In the fatwa, it is explained that cryptocurrencies can basically be categorized as property (māl mutaqawwam), i.e. assets that have economic value, can be owned, stored, and utilized by the community.
Therefore, the basic law of crypto transactions in principle is mubah or permissible as long as it does not violate sharia principles.
However, Muhammadiyah emphasized that this ability is conditional. If the assets or mechanisms of cryptocurrency transactions contain elements of riba, fraud, gambling, or excessive speculation, then the law can change to be prohibited.
The document also explains a number of crypto activities that are considered permissible, including crypto investments in the spot market, the use of crypto as a value store based on cryptographic technology, the use of utility tokens in the blockchain ecosystem, governance tokens that provide participation rights in project governance, and crypto airdrops as long as they do not involve activities that violate Sharia principles.
In response to this, Tokocrypto CEO, Calvin Kizana said that the view of Muhammadiyah is one of the positive developments that can help expand public understanding of crypto assets, especially from a sharia perspective.
"We see this view of Muhammadiyah as an important contribution to enriching public understanding of crypto assets," Calvin said in his statement.
According to him, this can provide a perspective that crypto is not only seen from the perspective of investment trends, but also from the aspects of its utility, governance, and transaction mechanisms.
However, Calvin emphasized that in the future, education and literacy will remain an important factor so that the public can understand crypto assets more fully and wisely.
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