OJK Invite Influencers To Promote Crypto Assets, As Long As...

Illustration (Photo: Doc Antara)

JAKARTA - Chief Executive of the Financial Sector Technology Innovation Supervision, Digital Financial Assets and Crypto Assets of the Financial Services Authority (OJK) Hasan Fawzi hopes that marketing activities must be carried out properly and officially by crypto industry players who are officially registered and have permits.

"So it's not impossible, but for example if the influencer wants to be used, then of course, he will say binding and cooperation with activity providers in crypto assets themselves later. That's for marketing, for recommendations and so on," Hasan said after the launch of the Roadmap for the Development and Strengthening of Financial Sector Technology Innovation, Digital Financial Assets and Crypto Assets 2024-2028 in Jakarta, Friday, August 9.

Hasan said that currently crypto surveillance is being carried out by the Commodity-Term Trading Supervisory Agency (CoFTRA) and has not yet switched to OJK and hopes that crypto influencers in the future can follow applicable regulations.

"We hope that everything will align with the provisions that will be enforced and take effect after switching to the OJK. The provisions themselves have been set at the POJK related to the market conduct and consumer protection, so there is no special appeal to anyone," Hasan explained.

Hasan said that crypto assets are one of the assets with a fairly high level of volatility.

So that crypto asset influencers are allowed to be promoted on the authorized and registered official organizers website.

"You can (promotion), because later it will be allowed on official channels from the organizers. For example, on the organizer's website or for example in certain places for the organizer's advertisement, now that's not a problem," Hasan explained.

As for Article 36 of OJK Regulation (POJK) Number 22 of 2023 concerning Consumer Protection and the Community in the Financial Services Sector, it is stated that crypto asset trading companies are prohibited from offering crypto asset products to the public through advertisements other than the official media of crypto asset trading companies.

Hasan conveyed that crypto influencers are expected to participate in providing education and information as well as building good awareness regarding investment practices for their followers

"But if there is no problem with education. So if we are to develop awareness without pointing towards and marketing certain crypto assets, of course we are very open. We can even work with us later, at the OJK, with associations, with the perpetrators themselves," he added.