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Cryptocurrency has become a rapidly developing digital asset class that attracts widespread investor interest due to its decentralized, anonymous, and highly volatile nature. Such volatility creates uncertainty in market movements, making it important to understand the factors that drive fluctuations in returns. This research aims to examine how fundamental indicators namely price, trading volume, and market capitalization affect return volatility, as well as to determine which cryptocurrency demonstrates the highest market efficiency based on risk assessment. The study uses panel data covering the five largest cryptocurrencies by market capitalization (Bitcoin, Ethereum, Tether, USD Coin, and Binance Coin) over the period 2019–2023. The analytical methods applied include panel data regression to identify the determinants of volatility and Value at Risk (VaR) to measure asset risk and efficiency. The findings show that price and trading volume positively and significantly increase return volatility, whereas market capitalization exerts a negative and significant effect, indicating its stabilizing role. Based on VaR analysis, Binance Coin (BNB) emerges as the asset with the highest market efficiency. The study concludes that fundamental indicators play a crucial role in shaping volatility and that BNB offers relatively better risk performance compared to its peers.

The rise of financial technology (fintech) has significantly reshaped global investment over the last decade. Fintech innovations are increasingly applied in areas such as digital investment platforms, robo-advisors, blockchain-based assets, and cryptocurrency trading. The adoption of fintech in investment continues to grow due to the rising demand for accessibility, transparency, and efficiency in financial markets. Fintech has the potential to democratize investment by lowering entry barriers, expanding financial inclusion, and offering diverse investment instruments for retail investors. Therefore, research on fintech and investment has become an essential topic in recent years. This study uses a qualitative approach with data obtained from the Scopus database, which includes a total of 4,794 articles on fintech and investment published in the last decade (2020–2025). In addition, several software tools such as R Studio, VOSViewer, and Publish or Perish were used for data processing and bibliometric visualization. This study aims to analyze the development of research trends in fintech-driven investment, explore how technology is changing investor behavior, and provide insights for policymakers and practitioners in strengthening a sustainable and inclusive investment ecosystem.

This study aims to analyze cryptocurrency investments and the risks faced by beginner investors who own digital assets such as Bitcoin, Solana, XRP, and other coins that have been increasing in value over the past few years, especially among the general public and retail investors. Not only retail investors, but governments also now hold digital assets, as has already happened. However, the unstable price and lack of global legal oversight make investing in cryptocurrency highly risky, especially for those with less knowledge and experience. The methods used in this study include literature review, descriptive analysis of historical price data for cryptocurrency, case studies, and interviews with several beginner investors. The findings show that cryptocurrency can generate large profits in a short time, but the risk of losing capital is also very high. Therefore, having a good understanding of blockchain technology, risk management, and investment psychology before starting to invest is important. This study is hoped to serve as a reference for beginner investors when considering decisions to invest in cryptocurrency.

This research analyzes the fundamental conflict between state regulation and Sharia principles regarding cryptocurrency in Indonesia, aiming to explore the views of Islamic scholars and the legal perspective in the Qur'an and its interpretations. Cryptocurrency has become a popular investment trend, especially among the youth. While the Bank Indonesia (BI) prohibits its use as a legal payment instrument, its trading activity is legalized as an investment asset under the supervision of OJK and BI. Conversely, the MUI Fatwa and the majority of scholars declare crypto transactions as forbidden (haram) due to the presence of elements prohibited in Islamic economics: riba (usury) and gharar (uncertainty). Gharar is linked to the extreme price volatility that encourages speculation (maysir) and the non-physical nature of crypto. Riba, on the other hand, is associated with the potential for unfair profit in lending and staking mechanisms. This prohibition is rooted in the interpretation of the Qur'an (QS. Al-Baqarah: 275 and QS. An-Nisa: 29), which strictly forbids riba and consuming others' wealth through bathil (unlawful) means. Consequently, although legally accepted as an investment asset, many scholars view crypto as violating the principles of justice and transparency in Islamic economics.

This study aims to analyze the impact of the Russian invasion of Ukraine on February 24, 2022, on the Indonesian capital market, particularly on the stocks listed in the LQ45 index, as well as on exchange rates and cryptocurrency trading volumes. The research employs a quantitative approach using an event study method, focusing on a 15-day observation window—comprising 7 days before, the day of, and 7 days after the invasion event. The variables analyzed include abnormal return (AR), trading volume activity (TVA), exchange rates, and cryptocurrency transaction volume. The research sample consists of issuers listed in the LQ45 index and the three largest cryptocurrencies by market capitalization—Bitcoin, Ethereum, and Tether (USDT)—selected through purposive sampling. The findings indicate that the Russian invasion of Ukraine had a significant impact on abnormal returns and trading volume activity of LQ45 stocks, as well as on exchange rates and cryptocurrency trading volumes. This geopolitical event emerged as an external factor contributing to market uncertainty, prompting investors to adjust their investment strategies in both stock markets and digital assets. These findings confirm that global conflicts are closely linked to the dynamics of domestic financial markets.

Cryptocurrency users, including those utilizing Bitcoin, Litecoin, Dogecoin, and others, are increasingly prevalent in Indonesia. Since the Rupiah is the only legal currency in Indonesia, cryptocurrencies cannot be used as a means of payment or exchange in financial transactions within the country. However, cryptocurrencies are considered investments when incorporated into commodities, becoming crypto assets that can be used as digital investment assets. This research employs normative legal research to explore legal principles and norms to address legal questions. If someone exchanges assets obtained from criminal activities for crypto assets, thinking they are legitimate, and if the money in these crypto assets is derived from criminal proceeds, such actions constitute money laundering (ML). This process involves purchasing crypto assets with illicit gains, exchanging Rupiah for cryptocurrency, or converting Rupiah into cryptocurrency. While cryptocurrency is recognized as a legal digital commodity for investment purposes in Indonesia, it becomes illegal when misused by individuals seeking to legitimize wealth obtained illegally. Converting illegally acquired wealth into cryptocurrency to deceive the government and make the transaction appear lawful may result in legal consequences

Digital currencies can now be utilized by people in various countries, including Indonesia. The Commodity Futures Trading Supervisory Agency (Bappebti) noted that as of November 2023, the number of registered crypto asset customers reached 18.25 million. Every month it has a growth of 437.9 thousand customers calculated since February 2021. The problem in the study, how is the use of crypto assets in Indonesia for investment and transaction purposes in Indonesia.The purpose of the study, to analyze the use of crypto assets in Indonesia for investment and transaction purposes in Indonesia.  This research is normative juridical, legal material collection techniques using library research. Data analysis technique, by collecting data, analyzing data, followed by drawing conclusions. Every transaction uses a currency benchmark. The definition of currency is money issued by the Unitary State of the Republic of Indonesia, hereinafter referred to as Rupiah. It is money that is a legal tender. Article 2 of Bappebti Regulation No.5 of 2019 concerning Technical Provisions for the Implementation of the Crypto Asset Physical Market on futures exchanges, crypto asset trading must be based on legal certainty. Conclusion, that crypto assets in Indonesia can be used as a means of investment for the community. with provisions in accordance with the Minister of Trade Regulation Number 99 of 2018. Buying and selling crypto can only be done on the futures exchange.

The use of cryptocurrency assets in Indonesia is still prohibited as a means of payment but as an investment instrument it can be included as a commodity that can be traded on a term exchange as regulated in the regulation of Law No. 10 of 2011 concerning amendments to Law No. 32 of 1997. The positive impact of cryptocurrencies in consumer protection such as cryptocurrency financial access can provide access to the traditional banking system, thereby increasing financial inclusion. There are also negative impacts to consider in consumer protection: security risks associated with theft or hacking of cryptocurrency exchange platforms and digital wallets can threaten the security of consumer funds. This study aims to analyze about consumer protection of cryptocurrencies in the digital age. This research uses normative research methods and uses qualitative data types. The results of this study show that consumer protection in cryptocurrency in the digital era, among others, preventively, in cryptocurrency trading transactions as assets is also strengthened by the Regulation of the Commodity Futures Trading Supervisory Agency Number 9 of 2019 concerning Amendments to the Regulation of the Commodity Futures Trading Supervisory Agency Number 5 of 2019 concerning Textile Arrangements for the Implementation of the Physical Market of Cryptocurrency Assets on Futures Exchanges. Meanwhile, if repressively to protect what is given after a dispute arises in the form of sanctions, fines, imprisonment, and penalties imposed a dispute occurs, regulated in Article 22 of PerBappeti Number 5 of 2019 concerning Technical Provisions for the Implementation of the Physical Market of Cryptocurrency Assets on the Futures Exchange, that dispute resolution is carried out by deliberation to reach consensus if it does not reach consensus the parties can resolve through the Futures Trading Arbitration Agency Commodity (BAKTI) and the State Court as stated in the agreement between the parties. Bank Indonesia reaffirms the ban on the use of virtual currencies in cryptocurrency, both in the form of selling, buying, and trading with these currencies.