New Compliance Measures for Social Media Influencers in Indonesia
In an effort to regulate the rising influence of social media on financial investments, Indonesia has implemented new compliance measures aimed at social media influencers who promote cryptocurrencies and other digital financial products. The Indonesian Financial Services Authority (OJK) announced that effective now, influencers are required to obtain a competency certification if they wish to recommend any digital financial asset, unless they already possess a relevant regulatory license.
Regulation Details
This initiative, encapsulated in the recently established Financial Services Authority Regulation No. 6 of 2026, stipulates that influencers should limit their promotions strictly to digital assets available on licensed exchanges. Furthermore, any digital asset service provider mentioned in their promotions must also be appropriately licensed.
According to the newly introduced rules, all marketing campaigns must be conducted through legally recognized financial services entities, which bear the ultimate responsibility for the content they propagate. This means that influencers can no longer initiate independent promotional campaigns; rather, such campaigns must be disseminated via the official channels of the regulated businesses.
Global Trends in Financial Regulation
Indonesia’s move aligns with a broader global trend where various jurisdictions are enhancing oversight of financial influencers. For instance, in March 2022, Australia’s Securities and Investments Commission (ASIC) specified that influencers could be required to have an Australian financial services license if their content constitutes financial advice or facilitates financial transactions. ASIC also cautioned licensed financial entities that they might be held accountable for any misconduct by influencers they engage.
Similarly, the United Kingdom’s Financial Conduct Authority (FCA) has laid down guidelines, declaring that unauthorized influencers promoting regulated financial products without proper authorization may be committing a criminal offense. Last April, the FCA spearheaded an international campaign involving 17 regulatory bodies to combat illegal financial promotions, leading to substantial removal requests against fraudulent advertisements across social media.
South Korea is also stepping up its scrutiny of financial influencers. Earlier this year, lawmakers proposed legislation that would mandate influencers promoting cryptocurrencies or stocks to reveal their personal investments and any compensation received for such endorsements. Violators of this disclosure requirement would face penalties akin to those for unfair trading practices.
Conclusion
These developments reflect increased regulatory vigilance in response to the growing significance of social media in shaping investment behaviors across the globe, as authorities aim to protect consumers from misleading financial advice in the digital realm.
