Singapore Warns Against Hyperliquid as Indonesia Launches Crypto Influencer Licensing Rules

Singapore’s Monetary Authority of Singapore (MAS) has added decentralized perpetual futures platform Hyperliquid to its Investor Alert List, a warning system for companies that may appear licensed or regulated without authorization in the country.

The entry includes both the Hyper Foundation website and the Hyperliquid trading application. MAS clarified that inclusion on the list is not a ban or enforcement action, but a consumer protection measure for investors. The regulator recently added Bybit to the same list, while KuCoin and Bitget also remain included.

Hyperliquid responded by stating it never claimed to hold a Singapore license and said its permissionless infrastructure and trading services remain unchanged.

Indonesia Introduces Certification for Crypto Influencers

Indonesia’s Financial Services Authority introduced new rules under Financial Services Authority Regulation No. 6 of 2026 requiring influencers promoting crypto assets to obtain competency certification unless covered by another licensing framework.

Rules for Crypto Promotions

Influencers can promote only digital assets listed on approved exchanges, while all related service providers must also hold licenses. Promotional campaigns must be distributed through official channels managed by regulated financial companies.