# Hyperliquid Added to Singapore’s Investor Alert List; Global Crypto Regulatory Landscape Continues to Evolve
The global cryptocurrency space has seen a flurry of regulatory developments this week, ranging from exchange acquisitions and enforcement actions to ambitious new cross-border settlement initiatives. Here’s a roundup of the major stories shaping the industry.
## Hyperliquid Flagged by Singapore Regulators
The Monetary Authority of Singapore (MAS), the city-state’s central bank and financial regulator, has added decentralized perpetuals exchange Hyperliquid to its Investor Alert List. The entry, added on Friday, includes the Hyper Foundation website and the Hyperliquid trading app.
The Investor Alert List serves as a consumer protection measure identifying entities that may be wrongly perceived as licensed or regulated by MAS. Notably, inclusion on the list does not constitute a ban or enforcement action.
MAS previously added crypto exchange Bybit to the list on June 17, and KuCoin and Bitget also appear on the roster. Hyperliquid stated that it has never claimed to be licensed or authorized by MAS and that nothing about its permissionless infrastructure has changed.
## Indonesia Targets Crypto Influencers with Certification Rules
Indonesia’s financial regulator has introduced certification requirements for influencers who recommend crypto and other digital financial assets, expanding oversight of financial promotions on social media.
Under Financial Services Authority Regulation No. 6 of 2026, individuals recommending digital assets must obtain competency certifications unless they are already subject to a separate licensing requirement. Influencers may recommend only digital assets listed on authorized exchanges, and any service provider they recommend must also be licensed. Marketing campaigns must be conducted through regulated financial services businesses.
Indonesia joins a growing number of jurisdictions tightening oversight of financial influencers, with Australia and the United Kingdom introducing broader rules for investment promotions and the Philippines adopting crypto-specific marketing restrictions.
## South Korea Fines Bithumb $136K for Illegal Data Transfer
South Korean cryptocurrency exchange Bithumb has been ordered to pay a $136,000 fine after breaching personal information protection rules by sending user data overseas without proper consent.
In a Thursday notice, the Personal Information Protection Commission (PIPC) said its investigation found that Bithumb had “transferred personal information overseas without the separate consent of the data subjects during the process of order book sharing and virtual asset transfer with overseas virtual asset exchanges.” The incident was connected to Bithumb sharing its Tether (USDT) order books between September and November 2025 with BingX, despite obtaining consent to share data with Stellar, as well as sharing user information with 13 overseas exchanges.
## SBI to Acquire Bitbank in $289M Deal to Create Japan’s Largest Crypto Exchange
Japan’s SBI Holdings has signed agreements to acquire full control of crypto exchange Bitbank through a 46.7 billion Japanese yen ($289 million) transaction, creating the country’s biggest crypto exchange. The deal, first disclosed in May, is expected to close around October, subject to regulatory clearance.
The acquisition would expand SBI’s regulated crypto exchange footprint and customer base, providing another potential distribution channel for stablecoins, tokenized assets, and onchain financial products. SBI said combining Bitbank with SBI VC Trade would give the group approximately 1.1 trillion yen in assets under custody and roughly 2.92 million crypto accounts, ranking first among Japanese crypto exchanges. Bitbank’s daily trading volume has hovered below $50 million for most of the last four months.
## Chainlink Joins European and Korean Bank Consortia for FX Settlement
Chainlink has joined a working group with European and South Korean banking organizations to explore the use of stablecoins for foreign exchange settlement. The protocol announced Project Pangea alongside South Korean digital asset infrastructure company FairSquareLab, the Unified Korea Alliance (UniKA) — a consortium of more than a dozen Korean commercial banks — and Qivalis, a euro stablecoin consortium backed by 37 European banks.
Project Pangea aims to bring together financial institutions across Europe and South Korea to evaluate direct, atomic swaps of euro- and South Korean won-denominated stablecoins using Chainlink’s data infrastructure alongside FairSquareLab’s onchain foreign exchange settlement technology. The initiative reflects financial institutions increasingly evaluating stablecoins for wholesale financial infrastructure rather than consumer payments, in a global FX market that processes roughly $9.6 trillion in daily trading volume, according to the Bank for International Settlements.
## South Korea Incorporates Token Securities Into Capital Market Overhaul
South Korea’s Financial Services Commission (FSC) has folded token securities infrastructure into a broader overhaul of the country’s capital markets, alongside plans for faster settlement, longer trading hours, and greater use of artificial intelligence.
The FSC launched a capital market infrastructure review meeting to coordinate reforms across government agencies and market operators. Plans for token securities will be further discussed through a public-private council before being linked to the wider initiative. The roadmap includes shortening the securities settlement cycle, expected by October, and a Korea Securities Depository system for settling over-the-counter trades in unlisted shares and fractional investment products by the end of 2026.
## Circle and Nomura Eye Japan Corporate FX with Stablecoin Settlement
Stablecoin issuer Circle and Japan’s largest investment bank, Nomura, have reportedly partnered to enable instant foreign exchange settlement for Japanese companies as early as 2027. The service would allow companies to convert yen into dollar-denominated stablecoins for cross-border transactions with instant settlement, reducing delays caused by banking hours and time zone differences, according to a Nikkei report.
The partnership would bring one of the world’s largest dollar stablecoins into Japan’s corporate foreign exchange market, expanding stablecoin use for business-to-business cross-border settlement.
## Australia Extends Crypto Licensing Deadline
The Australian Securities and Investments Commission (ASIC) has granted digital asset businesses an additional three months, until September 30, to apply for licenses required under its updated regulatory guidance. The extension applies to businesses seeking an Australian Financial Services (AFS) license, as well as companies that may require market or clearing and settlement authorizations.
ASIC has received approximately 30 license applications since updating its digital asset guidance in October 2025 to clarify that many crypto products are financial products under Australian law and require an AFSL. The regulator highlighted its recent court victory against BlockEarner as reinforcing that point.
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*Based on reporting from The Block, the original article can be found [here](https://www.theblock.co/).*
