Indonesia has moved to tighten oversight of online crypto marketing. Under Financial Services Authority Regulation No. 6 of 2026, individuals who recommend cryptocurrencies and other digital financial assets on social media must obtain competency certification, unless they already hold another license that covers the same activity.
The rule was announced on Wednesday and sets clear limits on what can be promoted. Influencers may only advertise digital assets listed on authorized exchanges, and any digital asset service provider featured in promotional content must hold the required regulatory license. The scope is broader than influencer conduct alone; it also defines which assets and firms can appear in campaigns.
Promotions must run through regulated firms
The directive also changes how campaigns are distributed. Marketing related to digital financial products must be conducted through regulated financial services businesses, and those businesses remain responsible for the promotional materials.
Campaigns must be published through the companies’ official communication channels, not through independent influencer-led promotions. That removes much of the room for standalone crypto endorsements on personal accounts and places the compliance burden on licensed entities.
Indonesia joins a wider regulatory push
Indonesia’s approach follows similar moves in other markets as regulators respond to the growing role of social media in shaping investment decisions.
In Australia, the Securities and Investments Commission said in March 2022 that influencers may need an Australian financial services license if their content amounts to financial advice or helps arrange financial transactions. ASIC also warned that licensed financial firms can be held accountable for misconduct by influencers they engage.
In the United Kingdom, the Financial Conduct Authority issued guidance in 2024 stating that 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” targeting illegal financial promotions. It said 17 authorities took part in enforcement work, consumer awareness campaigns, and educational efforts aimed at influencers. The FCA also filed 120 takedown requests covering 1,267 illegal financial advertisements that had reached at least 2.3 million UK social media accounts.
South Korea has also been moving in the same direction. In February, lawmakers from the Democratic Party proposed legislation that would require influencers promoting cryptocurrencies or stocks to disclose their personal holdings and any compensation tied to recommendations. Violations of the disclosure rules would face penalties similar to those used in unfair trading cases. The proposal came after other measures introduced this year, including AI-based market surveillance by the Financial Supervisory Service and additional reporting duties for certain foreign property investors to disclose crypto transaction histories.