The President of Indonesia, Joko Widodo (Jokowi) has officially approved a new regulation on intellectual property. Later, intellectual property can be used by creative economy actors as collateral to obtain financing from banks.
The decision is stated in Government Regulation (PP) 24/2022 concerning the Implementing Regulations of the Creative Economy Law (UU) which Jokowi signed on July 12, as quoted on Tuesday (19/7/2022).
“The government facilitates intellectual property-based financing schemes through non-bank financial institutions for creative economy players,” Article 4 paragraph (1) of the regulation states.
Intellectual property-based financing scheme facilities for creative economy actors are carried out through the use of it with economic value and the assessment.
Intellectual property in question is wealth that arises or is born due to human intellectual abilities through their creativity, taste, and initiative, which can be in the form of works in the fields of technology, science, art, and literature.
“Optimizing the use of the intellectual property as an object of debt guarantee,” wrote Article 5 of the regulation.
Intellectual property that can be used as an object of debt guarantee is in the form of intellectual property that has been registered or registered with the ministry that carries out government affairs in the field of law, or which has been managed either independently or the rights have been transferred to other parties.
The object of debt guarantees is carried out in three forms. First, fiduciary guarantees or transfer of ownership of an object to intellectual property. Second, contracts in creative economy activities or warrants received by creative economy actors.
Finally, the right to collect in creative economic activities. The right of collection in question is the right to collect royalties that are required to be paid by users of songs or musical instruments for commercial use.
This regulation also regulates the development of alternative sources of financing outside the mechanism of financing institutions in the form of information technology-based co-financing services or securities offerings through information technology-based crowdfunding services.
Furthermore, Deputy Minister of Tourism and Creative Economy or Wamenparekraf, Angela Tanoesoedibjo welcomed the issuance of Government Regulation (PP) Number 24 of 2022 concerning Implementing Regulations of Law Number 24 of 2019 concerning the Creative Economy.
According to him, the issuance of this PP is a good step in accelerating the progress of the creative economy in Indonesia. “Finally! PP No 24/2022 was issued regarding the implementing regulations for the Creative Economy Law No. 24/2019,” said Angela, on the official Instagram account Monday (7/18/2022).
Angela explained that the PP includes several namely, Creative Economy Financing; Facilitating the Development of Intellectual Property-Based Creative Economy Product Marketing System; Creative Economy Infrastructure.
Then, incentives for Creative Economy Actors, the responsibility of the Government and/or Regional Government as well as community participation in the development of the Creative Economy; and Financing Dispute Resolution.