Indonesia's Financial Services Authority issued a regulation Wednesday that requires anyone who recommends cryptocurrencies and other digital assets to obtain competency certifications, while licensed financial companies bear legal accountability for any influencer content they commission.
Financial Services Authority Regulation No. 6 of 2026, referred to as POJK No. 6/2026, limits influencer promotions to digital assets listed on authorized exchanges. Any service provider featured in that content must hold its own regulatory license. Disclosures of economic benefits received from financial services companies must be made transparent to audiences.
Government data shows more than half of Indonesia's retail investors are under 30, a demographic the regulator cited when it described the rule as both a consumer protection measure and a financial literacy effort.
OJK's enforcement tools under the new rule
Marketing campaigns under the regulation must run through licensed financial services businesses via their official channels rather than through personal influencer accounts. Licensed financial services companies are held responsible for the promotional material their influencer partners post.
OJK can request the Ministry of Communication and Digital Affairs to block or suspend accounts that violate the guidelines. Companies that breach the requirements face written warnings and license revocations, with fines of up to 15 billion rupiah as a further enforcement option.
The certification requirement does not apply if an individual already holds a separate license that covers the activity in question.
The BVN fine and Indonesia's market pressures
An enforcement action preceded the new rules. In February 2026, OJK fined an influencer identified as BVN 5.4 billion rupiah, approximately $300,785, over stock price manipulation. The penalty drew attention to how undisclosed financial motivations in social media content can damage retail investors who follow the recommendations.
Fraudulent investment schemes had accumulated across Indonesian social media before the fine. OJK noted that misleading promotions had spread across platforms for digital assets and peer-to-peer lending products. The regulator framed the regulation as an effort to address those conditions alongside a push for financial literacy.
Indonesia's broader market has also faced external scrutiny. MSCI threatened earlier this year to downgrade Indonesia's market classification over transparency and accessibility concerns. The country's benchmark stock index has fallen 32% so far this year, the worst performance globally.
How other regulators handled finfluencer promotion
Australia's Securities and Investments Commission clarified in March 2022 that influencers may need an Australian financial services license when their content amounts to financial advice or helps arrange transactions. ASIC also warned that licensed firms could face accountability for misconduct by the influencers they engaged.
The UK's Financial Conduct Authority issued guidance in 2024 that unauthorized influencers could commit a criminal offense for the promotion of regulated financial products without prior approval from an authorized firm. The FCA organized an international week of action on April 24, with 17 regulators as participants. The FCA submitted 120 account-takedown requests against 1,267 illegal financial advertisements that had already reached at least 2.3 million UK social media accounts.
The Philippines adopted crypto-specific marketing restrictions in 2025 that cover endorsements, sponsored posts, paid educational content, podcasts, and livestreams. Crypto asset service providers in the Philippines must register their authorized third-party marketers with the Philippine Securities and Exchange Commission.
South Korea's Democratic Party lawmakers proposed legislation that would require influencers who promote cryptocurrencies or stocks to disclose personal holdings and any compensation they received. The proposal carries penalties based on those applied in unfair trading cases.
Matvii Diadkov
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