The Financial Services Authority (OJK) recently stated that influencers in Indonesia are prohibited from promoting crypto assets. This statement triggered various reactions from industry players and raised many questions regarding these regulations.
OJK Press Conference
In the RDK Monthly press conference on Monday, July 8 2024, Chief Executive of the Financial Sector Technology Innovation, Digital Financial Assets and Crypto Assets Supervisory OJK, Hasan Fawzi, emphasized that an influencer must be responsible for their actions that can influence their followers, especially regarding promotions crypto. This refers to OJK Regulation (POJK) Number 22 of 2023, specifically Article 36 which prohibits crypto asset trading companies from offering products through advertising other than the company's official media.
Reaction from Industry Players
However, Hasan's statement did not provide further clarity regarding what topics were considered crypto promotions, which sparked various responses from industry players in Indonesia.
Hearing efforts with OJK
Tokocrypto CMO, Wan Iqbal, responded to the OJK's statement by expressing his desire to follow up on the statement to gain a clearer understanding of the regulations. One of the efforts made is to request an audience with the OJK and convey aspirations through the Crypto Asset Traders Association (Aspakrindo).
Iqbal also invited influencers and other crypto figures to convey their input to the OJK, to discuss these regulations in more depth.
Criticism from Crypto Influencers
Crypto influencer, Angga Andinata, also asked for a more detailed explanation regarding crypto promotion regulations. According to him, prohibiting foreign exchange promotions makes sense to support local exchanges. However, the prohibition on local exchange promotions is likened to restaurants not being allowed to advertise in the mass media, which is considered unreasonable.
Angga emphasized that crypto is a multi-sector industry that is not only about trading. Over-regulation can kill all Web3/Crypto stakeholders in Indonesia and make the country far behind compared to other countries such as Vietnam. In addition, limiting this industry could hinder the careers of young Indonesian talents and trigger a brain drain.
Closing
Regulations that are too strict can hinder the growth of the crypto industry in Indonesia and have a negative impact on the careers of the younger generation. It is hoped that dialogue between OJK and industry players can produce more balanced policies and support the growth of the crypto industry in Indonesia.
Disclaimer
This content is intended to provide information and references only, not investment advice or advice. Trading crypto assets involves risks and may result in losses. Do thorough research before investing. Use a platform registered and supervised by BAPPEBTI for security.