VTube Indonesia’s Business Activities: How Can Ojk’s Investment Task Force Take Action Against Illegal Investments

Abstract

VTube Indonesia is an electronic application that guarantees benefits to their users easily just by watching advertisement videos and recruiting new members as new users. The application was established by PT Future View Tech, but it was deemed as an illegal investment entity through a Press Release by the Investment Task Force (SWI) under the supervision of the Financial Service Authority (OJK). This article will conduct an in-depth explanation and analysis regarding the legality of VTube Indonesia from the formation of the company and SWI’s action against VTube Indonesia. VTube was suspected to be using Ponzi scheme to conduct their business, through recruiting new members and gaining profits from them. SWI OJK may have declared VTube as illegal, but their move wasn’t firm enough and haven’t maximized the coordination between involved institutions. In reality, OJK have the obligation to protect the public in the financial service sector.