The high risk faced by creditors as holders of collateral rights for warehouse receipts during execution due to debtors defaulting, makes the collateral warehouse receipt system less attractive to financing institutions, both banking and non-banking. Therefore, participation by the private sector is needed to optimize the development of the warehouse receipt system, especially in terms of offering objects in warehouse receipts. This research is legal research using a statutory approach and conceptual approach. The aim of this research is to provide recommendations for developing warehouse receipt system management through the private sector. Based on the results of the study, the HARA platform can be a solution to minimize the risk of reducing the value of warehouse receipt objects as collateral for financing agreements. With decentralized data exchange on the HARA platform, holders of collateral rights to warehouse receipts can make offers as in a marketplace. So the warehouse receipts offered can be accessed generally via the HARA platform. This is a form of implementing underhand sales execution as stated in Article 16 of the WRS Law. So, in terms of carrying out this execution, it must comply with the applicable laws and regulations.