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FollowingKyber Network statement: It does not operate in Singapore and is not subject to local supervision
Kyber Network recently publicly stated that neither it nor its KyberSwap platform does operate in Singapore and is not subject to licensing and supervision by the Monetary Authority of Singapore. This statement comes as Singapore introduces new rules on digital tokens, requiring local companies that provide services to overseas users but have not obtained local licenses to either re-apply for licenses or stop operating.
The KyberSwap User Agreement has long clarified the operating entity
In fact, as early as April this year, KyberSwap had updated its user agreement and clearly listed the operating entity of the platform as a The British Virgin Islands company and a Cayman Islands foundation. This change came more than a month before Singapore officially announced the licensing deadline.
The Kyber Network has previously made similar jurisdiction transfers. In 2020, in response to new anti-money laundering regulations that are about to come into effect in the European Union, the company moved its operations from Malta to The British Virgin Islands.
Singapore's regulation is tightening, filling a gray area in the industry
Kyber's statement comes as Singapore authorities tighten supervision of cryptocurrency companies. Under the Financial Services and Markets Act, digital token companies registered in Singapore but only serving overseas customers must now obtain permission from the Monetary Authority of Singapore or they must cease operating in the country. The Monetary Authority of Singapore has made it clear that such permits will not normally be issued and most affected companies are expected to choose to terminate their operations in Singapore.
Kyber's contract already foreshadowed its operating structure
Kyber Network's company registration information in Singapore dates back to 2017. However, in its latest revised user agreement (effective April 17, 2025), the operator has been changed to DMM Technology Inc. registered in The British Virgin Islands. and the KyberDAO Foundation registered in the Cayman Islands. This distinction is particularly critical under Singapore's current licensing regime for digital assets, as regulatory focus is increasingly focused on where crypto businesses actually operate and on the entities that provide the services.
The user agreement came more than a month before the Singapore Monetary Authority announced the licensing deadline, indicating that Kyber did not restructure its structure in response to regulatory pressure from Singapore. Before the promulgation of relevant regulations, its offshore operating structure had long been written into the core contract.
This is not the first time that jurisdiction has been relocated
This is not the first time that Kyber has moved the actual operating entities of the platform out of an area where regulations have become stricter. In January 2020, the company transferred KyberSwap's operations from Malta to The British Virgin Islands due to the costs and compliance burden imposed by the EU's upcoming anti-money laundering directive. The management team remains unchanged, only the company's registered address has changed.
Looking back on this history, Kyber's entity in Singapore is more like an empty shell that has long ceased to operate, rather than an operating entity forced out by regulations.
Deep reasons for keeping a low profile
Kyber has other reasons to keep a low profile right now. Singapore's freezing policy on cryptocurrencies has added new regulatory pressure to digital asset companies linked to the country. In addition, KyberSwap's Elastic product lost $48.8 million due to re-entry vulnerability attacks in November 2023, and the company has since laid off about half of its workforce. For a platform that is still digesting the consequences of nine-figure losses, there is no benefit in openly confronting regulators. Kyber's statement is more like a confirmation of its already existing architectural arrangements as quietly as possible.
