Indonesia’s financial regulator has moved to rein in crypto marketing by putting social media influencers under a new certification regime.
The Financial Services Authority (OJK) published Financial Services Authority Regulation No. 6 of 2026, announced Wednesday, which requires anyone who recommends cryptocurrencies or other digital financial assets to obtain a competency certification—unless they already hold a separate license that covers the activity. The rule also narrows what influencers can promote and how promotions are run:
- Influencers may only promote digital assets that are listed on authorized exchanges.
- Any digital asset service provider featured in promotional material must hold the required regulatory license.
- Marketing campaigns must be carried out via regulated financial services businesses, which remain legally responsible for the content.
- Promotional material must be distributed through the regulated businesses’ official channels rather than via independent influencer-only campaigns.
The move places Indonesia in line with a broader global trend of tightening oversight on financial influencers as social media increasingly shapes investment decisions. Examples of similar measures elsewhere include:
- Australia: The Australian Securities and Investments Commission (ASIC) clarified in March 2022 that influencers could need an Australian financial services (AFS) licence if their posts amount to financial advice or facilitate transactions, and warned that licensed firms can be held responsible for influencer misconduct.
- United Kingdom: The Financial Conduct Authority (FCA) issued guidance in 2024 making clear that unauthorized influencers might face criminal liability for promoting regulated financial products without approval. In an April 24 “week of action,” the FCA coordinated with 17 international authorities in enforcement and education efforts, submitting 120 takedown requests for 1,267 illegal financial adverts that reached at least 2.3 million UK social media accounts.
- South Korea: In February, lawmakers proposed legislation that would force influencers promoting crypto or stocks to disclose personal holdings and compensation for recommendations, with penalties modeled on unfair trading rules. Seoul has also ramped up oversight this year with AI-powered market surveillance and new reporting requirements that can force certain foreign property investors to disclose crypto transaction histories.
What this means for the market: influencers and marketing agencies will face new compliance burdens, and digital-asset platforms and service providers will need stricter vetting of promotional partnerships. The regulation signals growing regulatory attention on the intersection of social media and finance—and suggests that jurisdictions seeking to protect retail investors will keep tightening the rules around influencer-driven investment pitches.
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