Bappebti requires certifications for crypto promoters and holds financial firms liable for influencer content. The rules target misleading claims that have drawn retail investors into risky projects.
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Indonesia's commodity futures regulator, Bappebti, is requiring anyone who promotes digital assets to hold a professional certification. Financial firms that hire those influencers will be held responsible for the marketing content their partners publish.
The mandate covers paid endorsements and organic promotional posts that could be interpreted as marketing. The regulator has not yet specified the exam or training requirements. The shift in liability from individual creators to the firms that retain them is the key change. Under the new rules, a company cannot disclaim responsibility by calling an influencer an independent contractor.
Bappebti said the rules target misleading claims that have drawn retail investors into risky or fraudulent crypto projects. Indonesia has seen a surge in crypto trading since 2021, and regulators have been playing catch-up. The country launched a state-backed crypto exchange in late 2023 and has since pushed for tighter oversight of promotion and distribution.
The certification requirement applies to influencers who have more than a certain number of followers and regularly discuss tokens or trading platforms. The exact threshold is expected in the implementing decree. Influencers who fail to certify could face fines or a ban from promoting crypto products in Indonesia.
For firms, the liability creates a compliance burden. They will need to vet each influencer's credentials and monitor posts in real time. Smaller platforms may struggle with the cost of that oversight. That could consolidate marketing toward larger exchanges with dedicated compliance teams.
Indonesia is not alone in targeting crypto endorsements. The U.S. Federal Trade Commission has issued guidelines on disclosure requirements. The U.K. Financial Conduct Authority bans unregistered crypto promotions. Indonesia's approach differs by requiring pre-market certification rather than post-hoc enforcement.
The rules take effect later this year, Bappebti said, giving influencers and firms six months to prepare.
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