Regulators in Singapore and Indonesia have simultaneously ramped up pressure on the crypto market and its promoters. On June 26, 2026, the Monetary Authority of Singapore added the decentralized platform Hyperliquid to its Investor Alert List. Four days earlier, Indonesia introduced mandatory licensing for financial influencers. These two events, occurring within days of each other, paint a clear picture: Asia has no intention of allowing crypto and its advocates to remain in a regulatory gray area.
Hyperliquid positions itself as permissionless infrastructure—an open protocol without a central operator. However, the MAS pointed out that the platform is unlicensed, warning that investors might mistakenly believe it is regulated. Hyperliquid responded by stating it never claimed to hold a license and does not act as an intermediary. Formally, this is not a ban but a warning. In practice, it impacts user interfaces and marketing, forcing platforms to either exit the region or overhaul their communications.
In Indonesia, the OJK issued regulation POJK No. 6/2026. Now, anyone recommending financial products, including crypto assets, must hold a certificate or license, disclose paid posts, and avoid promoting assets through unlicensed channels. Companies hiring influencers also bear responsibility. A market where "finfluencers" previously profited from hype and affiliate links is now subject to clear rules and penalties for manipulation.
The logic behind these moves is simple: retail investors in Asia are flocking to crypto, and regulators see a growing risk of losses and fraud. While Singapore protects its reputation as a financial hub, Indonesia—the region's largest economy—is attempting to curb volatility and safeguard citizens' savings. State and banking interests align here: to control capital flows and minimize the social costs of failed investments.
For the average person, this means that accessing decentralized tools is becoming more difficult, while social media advice now comes with a higher cost of trust. Whereas one could previously simply open an app and trade, it is now necessary to check whether it has landed on a warning list. If an influencer recommends a coin, it is now worth asking whether they are licensed and who is paying for the endorsement.
Such measures will not stop crypto, but they will force it to adapt. Platforms will likely separate their infrastructure from their user interfaces, and influencers will either need to get certified or risk losing their audience. Ultimately, the winners will be those who can read regulatory signals early and do not mistake the freedom of a protocol for a lack of accountability.
