OJK Greenlights Crypto Promotion from Influencers

TEMPO.CO, Jakarta - The Financial Services Authority (OJK) said that influencers on social media are allowed to promote crypto from official operators to disseminate financial literacy. 

"We expect the (crypto) marketing activities to be carried out properly by licensed and registered operators,” said the Chief Executive of the Financial Sector Technology Innovation, Digital Financial Assets, and Crypto Assets Supervision of OJK, Hasan Fawzi in Jakarta, Friday, August 9, 2024, as quoted by Antara.

Hasan explained that OJK does not prohibit influencers from sharing knowledge about crypto if it’s under licensed operators and for educational purposes. 

According to him, influencers can help raise awareness regarding the risks and potential of crypto assets. "There’s no problem as long as it's for education without marketing or pandering to certain crypto assets. They are welcome to partner with us in OJK, with (crypto) associations, or crypto actors,” he said. 

OJK strives to boost literacy on crypto assets going forward, Hasan said, to protect the reputation of the crypto asset industry.

Based on data from the Commodity Futures Trading Supervisory Agency (Bappebti), the value of crypto asset transactions in the first half of 2024  reached Rp301.75 trillion. Meanwhile, the are 20.24 million crypto registered users.

Meanwhile, transactions in June 2024 amounted to Rp40.83 trillion, or an increase of 354.94 percent compared to the same period last year. From these transactions, revenue from crypto asset taxes from January to June 2024 reached Rp331.56 billion.

Previously, the government claimed to have made efforts to optimize the crypto asset ecosystem in the implementation of physical crypto asset market trading on the Futures Exchange. 

"Bappebti strives to realize fair, orderly, efficient crypto asset trading, and able to support healthy business competition," said the Acting Head of Bappebti, Kasanpada in Jakarta, Thursday, March 21, 2024, as quoted from the Ministry of Communication and Informatics website.

MELYNDA DWI PUSPITA

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