Indonesia to require certification for crypto influencers

Indonesia's Financial Services Authority (OJK) has issued new guidelines requiring crypto influencers to obtain a special certification, Bloomberg reported. The rules, which apply to all financial influencers, also mandate the disclosure of paid advertisements and require licenses for asset recommendations. Financial firms will be held responsible for the information shared by influencers with whom they have marketing contracts. Companies that violate the regulations face penalties including written warnings, license revocation, and fines of up to 15 billion rupiah (around $920,000). The OJK explained that the measures are intended to increase financial literacy and protect consumers from misconduct.