Cryptocurrency adoption in Southeast Asia has been remarkable, with countries like Indonesia and the Philippines emerging as leaders in digital asset use. Alongside this growth has been the rise of influencers who shape public perception of crypto. In Indonesia, regulators have taken a bold step by requiring influencers to obtain competency certifications before they can recommend digital assets. This move has sparked debate across the region, especially in the Philippines, where crypto adoption is among the fastest in the world. The question now is whether the Philippines should follow Indonesia’s lead and impose similar requirements.
Indonesia’s Regulatory Shift
Indonesia’s Financial Services Authority, known as OJK, introduced Regulation No. 6 of 2026, which mandates that influencers promoting crypto must hold competency certifications unless they already possess a financial license. The regulation covers social media posts, livestreams, podcasts, and video content that constitute financial recommendations. Influencers are restricted to promoting only digital assets listed on authorized exchanges, and any service providers they endorse must themselves be licensed.
This framework places accountability on regulated financial services businesses. Marketing campaigns must be conducted through these entities, which bear full responsibility for the content produced by influencers. The regulation is designed to protect consumers from misleading promotions and to ensure that influencers have at least a baseline understanding of the financial products they are recommending.
Indonesia’s move is notable because it goes beyond disclosure requirements. While countries such as Australia and the United Kingdom have tightened oversight of financial influencers, Indonesia’s certification requirement is one of the strictest in Asia. It reflects a growing recognition that influencers wield significant power in shaping financial decisions, especially in markets where retail investors dominate.
The Philippine Context
The Philippines has already taken steps to regulate crypto marketing. In 2025, the Bangko Sentral ng Pilipinas (BSP) and the Securities and Exchange Commission (SEC) introduced restrictions on endorsements, sponsored posts, livestreams, and paid educational content related to crypto. These rules focus on disclosure and preventing misleading promotions. Influencers are required to clarify when content is sponsored, and platforms are held accountable for ensuring that marketing does not mislead consumers.
However, the Philippines has not gone as far as Indonesia in requiring influencers to obtain competency certifications. Enforcement remains centered on advertising standards and consumer protection guidelines. The emphasis is on transparency rather than formal qualifications.
This difference is significant because the Philippines is one of the fastest adopters of cryptocurrency globally. Influencer marketing plays a powerful role in shaping public perception. From YouTube personalities explaining Bitcoin’s current price to TikTok creators promoting new tokens, influencers are often the first point of contact for Filipinos curious about crypto.
The Case for Certification
There are strong arguments in favor of the Philippines adopting a certification regime similar to Indonesia’s. Consumer protection is the most compelling. Certification would ensure that influencers have basic financial literacy, reducing the risk of misleading promotions. It would also align influencer activity with BSP and SEC oversight, strengthening trust in regulated platforms such as DOPAY, Coins.ph, and Maya.
Market integrity is another consideration. Certification would help filter out unqualified voices and elevate those who can provide accurate, responsible information. This would be particularly valuable in a market where retail investors are highly active and vulnerable to hype.
Regional benchmarking also matters. By following Indonesia’s lead, the Philippines could position itself as a leader in responsible crypto adoption in Southeast Asia. This would enhance its reputation as a market that balances innovation with consumer protection.
The Case Against Certification
On the other hand, there are practical challenges. Certification programs may be costly and difficult to administer, especially given the large number of influencers. The logistics of testing, accrediting, and monitoring influencers could strain regulatory resources.
There is also the risk of stifling innovation. Over‑regulation could discourage grassroots education and community engagement, which have been vital to crypto adoption in the Philippines. Many Filipinos learned about crypto through informal channels, including social media groups and community leaders. Requiring certification for all influencers could dampen this organic growth.
Existing safeguards may already be sufficient. The Philippines has marketing restrictions in place, and stricter enforcement of these rules could achieve the same goals without introducing certification. Platforms could be held accountable for influencer partnerships, ensuring that content meets regulatory standards.
A Balanced Approach
The most practical path for the Philippines may be a hybrid approach. Certification could be required only for influencers who make explicit financial recommendations, such as urging followers to buy or sell specific tokens. General educational content could remain permissible with proper disclaimers.
Voluntary certification programs could be introduced first, creating a pathway toward mandatory requirements if risks escalate. This would allow regulators to build capacity and test the system before imposing blanket rules.
Platforms could also be required to vet influencers more rigorously. Licensed exchanges and wallets would bear responsibility for ensuring that their marketing partners meet competency standards. This would shift the burden from regulators to businesses, creating a self‑regulating ecosystem.
Implications for Platforms Like DOPAY
For platforms such as DOPAY, stricter influencer regulation could be an opportunity rather than a threat. By partnering with certified influencers, DOPAY could differentiate itself as a trusted, compliant platform. This would enhance its reputation among consumers and regulators alike.
DOPAY’s emphasis on remittances and compliance already positions it as a responsible player in the market. Certification would reinforce this image, making it clear that DOPAY values consumer protection as much as innovation.
Indonesia’s decision to certify crypto influencers sets a high bar for accountability in marketing. For the Philippines, where crypto adoption is booming and influencers play a powerful role, certification could enhance consumer protection but must be balanced against practicality and innovation. A phased or hybrid approach may be the most effective way forward, ensuring trust without stifling the vibrant crypto community.
Coins.ph has shown how mainstream adoption can be driven by celebrity endorsements, Maya has demonstrated the potential of integrating banking and crypto, and DOPAY continues to highlight the importance of remittances and compliance. As the Philippines considers its next steps, the challenge will be to strike a balance between innovation and regulation, ensuring that crypto serves everyday needs while protecting consumers from harm.
