Singapore Warns Hyperliquid, Indonesia Certifies FinFluencers

Singapore's Monetary Authority (MAS) issued a public warning on May 23, 2024, identifying Hyperliquid as operating an unlicensed digital payment token service. The MAS stated that Hyperliquid is not authorized under the Payment Services Act to conduct any regulated activities in Singapore. This action follows a similar warning issued to Bybit on May 16, 2024, for operating a crypto-related business without a license. The MAS advises consumers to be cautious when dealing with unregulated entities and to transact only with MAS-licensed service providers.

In parallel, Indonesia's Commodity Futures Trading Regulatory Agency (Bappebti) announced on May 22, 2024, a new initiative to certify financial influencers, or "FinFluencers," who discuss cryptocurrency. This program aims to ensure that influencers provide accurate and responsible information to the public regarding crypto assets. Bappebti stated that certified influencers will be required to adhere to ethical guidelines and regulatory standards. The agency plans to collaborate with industry associations to develop the certification criteria and examination process. This move is part of Indonesia's broader efforts to regulate the burgeoning crypto market and protect retail investors from misinformation.

These developments highlight increasing regulatory scrutiny of the cryptocurrency sector across Asia. Singapore, a major financial hub, is reinforcing its oversight to maintain market integrity and consumer protection. Indonesia, meanwhile, is taking proactive steps to manage the influence of social media personalities on investment decisions within its growing crypto economy. Both actions underscore a trend towards more stringent compliance and transparency requirements for digital asset businesses and their promoters in the region.