Indonesia just put crypto influencers on a leash

Indonesia's Financial Services Authority (OJK) has introduced a new regulatory framework governing financial influencers, tightening the rules on how social media personalities promote crypto and other financial products to the country's millions of retail investors.

OJK issued POJK No. 6/2026 on June 24, creating a formal regulatory framework for financial influencers. Financial influencers must meet competency, certification, or licensing requirements depending on their activities, and paid promotions and economic interests must be disclosed when marketing financial products.

What the Rules Require

Crypto asset promotions are restricted to licensed channels, while violations could lead to account suspensions and other enforcement actions. Specifically, promotions involving crypto assets must be distributed through channels operated by licensed financial services providers, known locally as PUJK entities. OJK has also been granted enforcement mechanisms aimed at addressing violations, and the regulator may coordinate with Indonesia's Ministry of Communication and Digital Affairs to block or suspend accounts that fail to comply.

Licensed financial services firms remain responsible for content published by influencers acting on their behalf, a provision that increases accountability for exchanges, investment platforms, and other regulated companies that rely on influencer marketing to reach consumers. Firms face fines of up to 15 billion rupiah, roughly $835,000, for violations tied to influencer posts. Existing commercial arrangements have six months to come into compliance.

A Response to High-Profile Scandals

The regulation arrives after a string of enforcement cases that exposed the risks posed by unregulated financial content creators. In February 2026, OJK imposed a landmark 5.35 billion rupiah fine on a financial influencer identified as BVN for manipulating stock prices and disseminating misleading information through social media platforms. Investigators found the influencer used multiple securities accounts to pump and dump shares of at least three listed companies, posting promotional recommendations while executing counter-directional trades and profiting from followers' reactions.

The rapid expansion of online investing, digital asset trading, and peer-to-peer lending services has increased the visibility and impact of financial content shared by influencers. OJK has framed the new rules as a consumer protection measure, designed to ensure that information circulating on social media platforms is clear, accurate, and not misleading.

The move places Indonesia alongside other major markets that have moved to bring finfluencer activity under formal oversight, as regulators globally grapple with the influence social media personalities hold over retail investment decisions.

Sources:
Indonesia Unveils New Regulations for Financial Influencers Promoting Crypto (Cryip)
Pump, Dump and Post: Indonesia Needs to Regulate Its Finfluencers (Asia Times)