The digital transformation of real estate is no longer theoretical. With the graduation of PT Teknologi Gotong Royong (GORO) from Indonesia’s OJK Regulatory Sandbox in November 2025, micro-investments in property starting at just IDR 10,000 have become a reality. Yet behind this innovation lies a significant regulatory vacuum at the intersection of digital financial assets and conventional agrarian law.
About This Journal
This academic paper by Dr. Bahori Ahoen, M.E., M.H. provides a comprehensive multidisciplinary analysis of blockchain-based property tokenization in Indonesia, focusing on:
- The Agrarian Regulatory Gap — Indonesia’s Basic Agrarian Law (UUPA No. 5/1960) does not recognize digital tokens as valid in rem rights (hak kebendaan), creating legal uncertainty for investors
- The Tax Efficiency Crisis — the existing tax regime, designed for high-value singular transactions, faces a systemic “efficiency crisis” when applied to thousands of high-frequency micro-transactions
- The GORO Case Study — an analysis of the first platform to graduate from OJK’s Regulatory Sandbox for property tokenization
- POJK No. 3/2024 — an evaluation of the compatibility between digital finance regulations and land law
The Proposed Hybrid Legal-Fiscal Model
The key novelty of this research is a Hybrid Legal-Fiscal Model built on three pillars:
- Collective PPJB (Binding Sale and Purchase Agreements) — digitized via UU ITE to bridge the gap between digital tokens and legal land titles. The platform maintains a real-time ledger of fractional owners legally linked to a single notarized master document.
- Mandatory Mortgage Rights (Hak Tanggungan) — an innovative application of Hak Tanggungan to digital assets under Article 3 of UUHT. This elevates retail investors to the status of Separated Creditors (Kreditur Separatis), providing a safety net in case of platform insolvency.
- Aggregated Tax Consolidation — the platform acts as a Withholding Agent (WAPU), accumulating tax portions in a digital vault. The full tax payment (PPh & BPHTB) is triggered only during the final Transfer of Title (AJB).
Policy Recommendations
The journal also presents concrete policy recommendations:
- To the Ministry of ATR/BPN: Establish a “Digital Land Book Annex” for collective fractional interests
- To OJK: Mandate Mortgage Rights (HT) for all RWA platforms post-sandbox
- To DJP: Create a specific tax code for “Fractional Property Assets” for consolidated reporting
Why It Matters
As Real World Asset (RWA) tokenization accelerates globally, Indonesia needs a legal framework that protects retail investors without stifling technological innovation. This journal provides a comprehensive roadmap for harmonizing agrarian law, financial regulation, and fiscal policy into a cohesive, forward-looking framework.
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