KEKOSONGAN HUKUM PENGATURAN FINANCIAL INFLUENCER DALAM PROMOSI INVESTASI DIGITAL DI INDONESIA

Vacuum of Norm in The Regulation of Finansial Influencers in Digital Investment Promotion in Indonesia

Abstract

The rapid growth of digital investment through social media has led to the emergence of financial influencers as key actors influencing public investment decisions. On the one hand, financial influencers contribute to improving access to financial information and enhancing financial literacy. On the other hand, their investment promotion activities may create legal risks, including misleading information, conflicts of interest, and the absence of clear competency standards. This study aims to analyze the legal regulation of financial influencers in digital investment promotion in Indonesia, identify existing vacuum of norm, and formulate an ideal regulatory framework to ensure investor protection and legal certainty. This research employs a normative legal method using statutory, conceptual, and comparative approaches. Legal materials were collected through library research and analyzed qualitatively. The findings reveal that Indonesia has not yet established specific regulations governing the legal status, obligations, competency standards, supervision, and liability of financial influencers in digital investment promotion. This vacuum of norm weakens investor protection and creates legal uncertainty regarding accountability for harmful investment promotions. Therefore, comprehensive regulations are required through the implementation of licensing and competency certification, transparency and conflict-of-interest disclosure obligations, enhanced accountability of financial service providers, risk-based supervision, and effective sanction mechanisms to ensure investor protection and legal certainty within Indonesia’s digital investment ecosystem.