Indonesia Financial Services Authority requires fintech and crypto influencers to be licensed and disclose paid promotions

According to Bloomberg, the Indonesian Financial Services Authority requires influencers in the financial sector to disclose paid promotion information and obtain licensing qualifications for recommending assets. Companies are responsible for information published by influencers in collaborative marketing. Crypto influencers must hold specific certifications. In February this year, the agency imposed a fine of 5.4 billion Indonesian rupiah (around 300 thousand US dollars) on an influencer who manipulated stock prices.