Tokocrypto Supports PASTI Task Force Crackdown on Illegal Crypto KOLs
Tokocrypto supports the PASTI Task Force’s decisive action against Key Opinion Leaders (KOLs) promoting illegal crypto platforms.
CEO Calvin Kizana stated that the task force’s move to halt KOLs promoting unlicensed Digital Financial Asset Traders (PAKD) is a crucial effort to strengthen the governance of the national crypto asset industry. He emphasised that using licensed PAKDs is the primary foundation for ensuring consumer protection, service transparency, and regulatory compliance.
“We support the firm steps taken by the PASTI Task Force and OJK in stopping the promotion of unlicensed PAKDs. The existence of licensed PAKDs is very important to improve consumer protection, because the public gets access to platforms supervised by regulators, have compliance standards, and run more transparent and responsible business practices,” Calvin said in a statement in Jakarta on Friday.
The action was taken after the PASTI Task Force summoned several KOLs to request explanations and clarifications regarding alleged links to the promotion of unlicensed PAKDs. As a follow-up, several KOLs have removed or adjusted content containing offers from illegal digital asset platforms.
The Financial Services Authority (OJK) has established a list of licensed PAKDs as the primary reference for the public and industry players. Entities not listed are not licensed and/or supervised by OJK, thus posing potential risks of loss to the public.
Calvin added that transacting through licensed crypto platforms also helps keep digital economic activities within the national ecosystem. This is important to prevent potential capital flow to overseas platforms or unlicensed entities not under the supervision of Indonesian regulators.
“When the public uses licensed domestic PAKDs, transaction activities can be recorded, supervised, and contribute to the growth of the national industry. This can help prevent the flow of funds to illegal or unlicensed platforms, while encouraging increased crypto asset transactions in Indonesia,” Calvin said.
The PASTI Task Force also urged KOLs to conduct adequate analysis and research before conveying information related to financial products or services. KOLs are required to ensure the legality of the parties, platforms, and products they promote, including ensuring that the PAKD is licensed and its products are permitted for trading in Indonesia. Furthermore, KOLs are expected to convey information clearly, truthfully, and not misleadingly, including providing a balanced explanation of potential benefits and risks. The Task Force also reminded KOLs not to use misleading claims, such as promises of high returns, risk-free investments, or fictitious testimonials.
Given the important role of KOLs in the crypto industry, Tokocrypto believes the role of KOLs and digital finance content creators is increasingly vital as public interest in crypto assets grows. Therefore, public education must be carried out responsibly, transparently, and in accordance with applicable regulations.
“A healthy crypto industry requires collaboration. Regulators, industry players, KOLs, communities, and the public need to move with a single vision to build a friendly, safe, and sustainable crypto ecosystem. Proper education and regulatory compliance must be priorities so that public trust continues to increase,” Calvin said.
To enhance consumer protection, OJK is currently preparing regulations related to financial influencers, or ‘Finfluencers’, which will be established soon. These rules are expected to clarify boundaries, responsibilities, and standards for conveying financial information in the digital space.
As a follow-up, the PASTI Task Force has blocked access to social media content and/or links containing offers from unlicensed PAKDs. The Task Force will also continue to improve coordination among its members and related agencies to stop the activities of illegal PAKDs.
Calvin also urged the public to always be vigilant against offers from illegal crypto platforms and to only transact through licensed platforms. The public is expected to apply the ‘Legal and Logical’ (2L) principle, namely ensuring that business actors and financial service products are licensed or registered with the OJK, and being wary of investment offers that promise high, guaranteed returns in a short time.
“With stronger supervision, increased literacy, and cross-stakeholder collaboration, we are optimistic that the Indonesian crypto asset industry can develop more safely, inclusively, and provide real benefits for the national digital economy,” Calvin concluded.