Kyber Network has clarified that neither it nor its KyberSwap platform operates from Singapore or is regulated or licensed by the Monetary Authority of Singapore (MAS) for token-related services. The statement comes before Singapore’s Digital Token Service Provider (DTSP) framework takes effect on June 30, 2025. The framework requires locally incorporated entities serving overseas users with digital token services to obtain a license, while MAS has signaled reluctance to grant such approvals. Kyber Network Pte. Ltd. was incorporated in Singapore on July 13, 2017, under UEN 201719741W, creating a distinction between its corporate registration and the protocol’s claimed place of operation. Kyber argues that KyberSwap’s decentralized, non-custodial architecture places it outside the framework: The platform does not hold user funds, autonomously aggregates liquidity across more than thirteen blockchains and has processed more than $20 billion in cumulative trading volume. KyberSwap supports token swaps and liquidity provision across thousands of token pairs, while KNC serves as the ecosystem’s utility and governance token. The protocol was also hit by a significant smart contract exploit in 2023. The clarification highlights a broader regulatory question for DeFi (decentralized finance): whether decentralization, smart-contract-based operation and the absence of a central trading operator can keep a Singapore-registered crypto project outside MAS jurisdiction despite its scale.