<?xml version="1.0" encoding="ISO-8859-1"?><article xmlns:mml="http://www.w3.org/1998/Math/MathML" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
<front>
<journal-meta>
<journal-id>2631-2484</journal-id>
<journal-title><![CDATA[Foro: Revista de Derecho]]></journal-title>
<abbrev-journal-title><![CDATA[Foro]]></abbrev-journal-title>
<issn>2631-2484</issn>
<publisher>
<publisher-name><![CDATA[Universidad Andina Simón Bolívar. Sede Ecuador]]></publisher-name>
</publisher>
</journal-meta>
<article-meta>
<article-id>S2631-24842026000100049</article-id>
<article-id pub-id-type="doi">10.32719/26312484.2026.45.3</article-id>
<title-group>
<article-title xml:lang="en"><![CDATA[Regulating Beneficial Ownership: Unveiling Hidden Assets from Illicit Financial Flows via Cryptocurrency Exchanges in Indonesia]]></article-title>
<article-title xml:lang="es"><![CDATA[Regulando la titularidad real: desvelando activos ocultos de flujos financieros ilícitos mediante intercambios de criptomonedas en Indonesia]]></article-title>
</title-group>
<contrib-group>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Putranti]]></surname>
<given-names><![CDATA[Ika Riswanti]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
<contrib contrib-type="author">
<name>
<surname><![CDATA[Windiani]]></surname>
<given-names><![CDATA[Reni]]></given-names>
</name>
<xref ref-type="aff" rid="Aff"/>
</contrib>
</contrib-group>
<aff id="Af1">
<institution><![CDATA[,Universitas Diponegoro  ]]></institution>
<addr-line><![CDATA[Semarang ]]></addr-line>
<country>Indonesia</country>
</aff>
<aff id="Af2">
<institution><![CDATA[,Universitas Diponegoro  ]]></institution>
<addr-line><![CDATA[ ]]></addr-line>
<country>Indonesia</country>
</aff>
<pub-date pub-type="pub">
<day>00</day>
<month>06</month>
<year>2026</year>
</pub-date>
<pub-date pub-type="epub">
<day>00</day>
<month>06</month>
<year>2026</year>
</pub-date>
<numero>45</numero>
<fpage>49</fpage>
<lpage>71</lpage>
<copyright-statement/>
<copyright-year/>
<self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_arttext&amp;pid=S2631-24842026000100049&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_abstract&amp;pid=S2631-24842026000100049&amp;lng=en&amp;nrm=iso"></self-uri><self-uri xlink:href="http://scielo.senescyt.gob.ec/scielo.php?script=sci_pdf&amp;pid=S2631-24842026000100049&amp;lng=en&amp;nrm=iso"></self-uri><abstract abstract-type="short" xml:lang="en"><p><![CDATA[ABSTRACT This article investigates Indonesia's regulatory challenges and opportunities, such as tracing and recovering assets derived from corruption and laundering them through cryptocurrency, specifically via cryptocurrency exchanges. Cryptocurrency exchange platforms typically implement Know Your Customer and Anti-Money Laundering measures; this study reveals how corrupt actors exploit loopholes in identity verification and transaction monitoring using nominee structures and complex layering schemes. Building upon Indonesia's evolving anti-corruption and Anti Money Laundering legal framework-from the early emergency laws to the establishment of the Corruption Eradication Commission and the Financial Transaction Reports and Analysis Center, culminating in Law n.° 8/2010 of the Republic of Indonesia and the Presidential Regulation on beneficial owner-ship-the paper critically analyzes the effectiveness of current mechanisms for identifying and disclosing ultimate beneficial owners in crypto-related transactions. This article highlights the vulnerability of cryptocurrency exchanges in facilitating asset concealment under the guise of legitimacy. This article recommends enhanced regulatory alignment, increased transparency in beneficial ownership registries, and institutional capacity building to ensure more effective detection, deterrence, and recovery of illicit assets flowing through cryptocurrency exchanges.]]></p></abstract>
<abstract abstract-type="short" xml:lang="es"><p><![CDATA[RESUMEN Este artículo investiga los desafíos y oportunidades regulatorias de Indonesia, como el rastreo y la recuperación de activos derivados de la corrupción y su lavado a través de criptomonedas, específicamente a través de plataformas de intercambio de criptomonedas. Las plataformas de intercambio de criptomonedas generalmente implementan medidas de Conozca a su Cliente y Antilavado de Dinero; este estudio revela cómo los actores corruptos explotan las lagunas en la verificación de identidad y el moni-toreo de transacciones utilizando estructuras de nominados y complejos esquemas de estratificación. Con base en el cambiante marco legal anticorrupción y antilavado de dinero de Indonesia, desde las primeras leyes de emergencia hasta el establecimiento de la Comisión para la Erradicación de la Corrupción y el Centro de Informes y Análisis de Transacciones Financieras, que culminó con la Ley n.° 8/2010 de la República de Indonesia y el Reglamento Presidencial sobre la titularidad real, el documento analiza críticamente la efectividad de los mecanismos actuales para identificar y revelar a los beneficiarios finales en transacciones relacionadas con criptomonedas. Este artículo destaca la vulnerabilidad de las plataformas de intercambio de criptomonedas al facilitar la ocultación de activos bajo el disfraz de la legitimidad. En este artículo se recomienda mejorar la alineación regulatoria, aumentar la transparencia en los registros de propietarios reales y desarrollar la capacidad institucional para garantizar una detección, disuasión y recuperación más efectiva de los activos ilícitos que fluyen a través de los intercambios de criptomonedas.]]></p></abstract>
<kwd-group>
<kwd lng="en"><![CDATA[Beneficial Ownership]]></kwd>
<kwd lng="en"><![CDATA[Anti Money Laundering]]></kwd>
<kwd lng="en"><![CDATA[Cryptocurrency Exchange]]></kwd>
<kwd lng="en"><![CDATA[Decentralized Exchange]]></kwd>
<kwd lng="en"><![CDATA[Centralized Exchange]]></kwd>
<kwd lng="en"><![CDATA[Crypto Laundering]]></kwd>
<kwd lng="en"><![CDATA[Illicit Financial Flows]]></kwd>
<kwd lng="en"><![CDATA[Anti-corruption]]></kwd>
<kwd lng="es"><![CDATA[Titularidad real]]></kwd>
<kwd lng="es"><![CDATA[Prevención del lavado de dinero]]></kwd>
<kwd lng="es"><![CDATA[Intercambio de criptomonedas]]></kwd>
<kwd lng="es"><![CDATA[Intercambio descentralizado]]></kwd>
<kwd lng="es"><![CDATA[Intercambio centralizado]]></kwd>
<kwd lng="es"><![CDATA[Lavado de criptomonedas]]></kwd>
<kwd lng="es"><![CDATA[Flujos financieros ilícitos]]></kwd>
<kwd lng="es"><![CDATA[Lucha contra la corrupción]]></kwd>
</kwd-group>
</article-meta>
</front><back>
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