Indonesia Mandates Crypto Influencer Certification Under New Rules

Australia's Securities and Investments Commission clarified 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 responsible for misconduct by influencers they hire.

The United Kingdom's Financial Conduct Authority introduced 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" against illegal financial promotions. The regulator said 17 authorities participated in enforcement operations, consumer awareness campaigns, and educational initiatives for influencers. It also submitted 120 requests to remove 1,267 illegal financial advertisements that had reached at least 2.3 million UK social media accounts.

South Korea has also moved toward tighter oversight of financial influencers. 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 received for recommendations. The proposal would impose penalties similar to those used in unfair trading cases if disclosure requirements are violated.

The South Korean proposal followed other regulatory measures introduced this year, including AI-powered market surveillance by the Financial Supervisory Service and additional reporting obligations that require certain foreign property investors to disclose cryptocurrency transaction histories.