Indonesia has moved to rein in crypto promotions on social media by forcing influencers to prove their competency before they can recommend digital assets.
What changed
- The Financial Services Authority (OJK) issued 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 those activities.
- Influencers may only promote digital assets that are listed on authorized exchanges.
- Any digital asset service provider shown or mentioned in promotional content must hold the appropriate regulatory license.
- Marketing and promotional campaigns must be run through regulated financial services firms, which remain responsible for the content. Promotions must be distributed via the firms’ official channels rather than through independent influencer-led campaigns.
Why it matters
The rule raises the compliance bar for the growing number of social media personalities who push crypto projects to followers, shifting responsibility onto regulated firms and limiting the scope of what can be promoted. For influencers, the new requirement means either securing formal certification or working only through licensed firms that can legally shoulder the promotional role.
A global trend in tighter oversight
Indonesia’s move is part of a broader international push to tighten rules around “financial influencers”:
- Australia: In March 2022, the Australian Securities and Investments Commission (ASIC) clarified that influencers may need an Australian financial services (AFS) licence if their content amounts to financial advice or helps arrange financial transactions. ASIC warned licensed firms can be held responsible for influencer misconduct.
- United Kingdom: The Financial Conduct Authority (FCA) issued guidance in 2024 saying unauthorized influencers could commit a criminal offense by promoting regulated financial products without approval from an authorized firm. On April 24 the FCA coordinated an international “week of action” against illegal financial promotions involving 17 authorities; it submitted 120 requests to remove 1,267 illegal financial ads that reached at least 2.3 million UK social media accounts.
- South Korea: In February, Democratic Party lawmakers proposed legislation forcing influencers who promote cryptocurrencies or stocks to disclose personal holdings and any compensation received, with penalties akin to those used in unfair trading cases. The proposal follows other measures this year, including AI-powered market surveillance by the Financial Supervisory Service and new reporting obligations requiring certain foreign property investors to disclose crypto transaction histories.
Bottom line
Regulators are increasingly treating social media recommendations as a regulated form of financial communication. For crypto influencers and firms, that means more paperwork, tighter approval processes, and greater legal exposure — and for consumers, potentially clearer accountability about who’s behind investment promotions.
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