Kyber Networks Claims Exemption from Singapore Crypto Rules

Kyber Network, operator of the KyberSwap platform, claims it does not operate in Singapore and is therefore exempt from the city-state's digital-token rules. According to the company, its own contracts show that it operates through entities registered in the British Virgin Islands and Cayman Islands.

The statement comes as Singapore tightens regulations for crypto firms incorporated in the country but serving only foreign customers. Under the Financial Services and Markets Act, these firms need a license from the Monetary Authority of Singapore (MAS) or must shut down. However, MAS has said it will 'generally not issue' licenses to affected firms.

KyberSwap's Terms of Use, last updated in April 2025, name DMM Technology Inc. and KyberDAO Foundation as operators, predating the MAS deadline by over a month. This move mirrors a similar jurisdiction shift Kyber made in 2020 when it moved its operations from Malta to the British Virgin Islands due to European anti-money-laundering rules.

Kyber has also faced regulatory pressure since its Elastic product lost $48.8 million to a reentrancy exploit in November 2023, leading to significant workforce cuts. The company's statement appears to be a quiet confirmation of its existing structure rather than a response to the Singapore regulations.