KEBIJAKAN EQUITY CROWDFUNDING DALAM RANGKA INOVASI PENDANAAN BAGI USAHA MIKRO KECIL MENENGAH (UMKM)

One of the growth indicator of a country  is the existence of  Small and Medium Enterprise (SMEs) that  able to develop and become the foundation of society’s economy. SMEs in Indonesia struggle in financial limitation. The financial limitation can be solved by proposing funding to bank or another lending-based financial instition that in fact give another financial burden to SMEs and decrease their profit potentials. The government issued Peraturan Otoritas Jasa Keuangan No. 37/POJK.04/2018 about equity crowdfunding   through   information   technology-based   stock   offering.   Through   the   policy   of equity crowdfunding,  the  government  might  expect  SMEs  able  to  compete  without  financial  constraints. Nevertheless, the law protection to equity crowdfunding users has not met aspect of law certainty and justice value. It is because there was no guarantee for both the crowdfunders and  users  in  their  investment security. These problems must be concerned by the government through implementing the governance of policies that pro ide legal certainty and  justice value to equity crowfunding participants.  The  existence of good policy governance will encourage  the development  of SMEs to become  competitive startups.   The  type   of  research  is  juridicial   normative  as  the  process  of  finding  legal   rules,   legal principles, and legal doctrines in order to answer the legal issues that faced by society. The analysis approach to support this type of research is the legislation approach and concept approach by examining primary legal materials in the form of legislation and secondary legal materials in the form of literature and academic journals.