Singapore hosts some of the strongest DeFi Projects backed by clear regulations and advanced infrastructure.
Leading protocols like Kyber Network, Zilliqa, and Band Protocol drive innovation across liquidity, blockchain performance, and data reliability.
The country’s compliance-focused environment helps DeFi grow securely while attracting global developers and investors.
Singapore has become one of the most important hubs for decentralised finance. Clear rules, strong government support, and a well-developed financial system have attracted many blockchain and Web3 companies to set up or operate from the city-state.
The Monetary Authority of Singapore (MAS) continues to refine its approach to digital assets, which has helped create an environment where innovative DeFi projects can grow while still meeting regulatory expectations. Several well-known blockchain networks, liquidity protocols, and data companies have a solid presence in Singapore, contributing directly to the expansion of the region’s DeFi ecosystem.
Over the past two years, Singapore has strengthened its rules for digital asset companies. MAS introduced updated guidance and licensing requirements under the Payment Services Act, together with new Digital Token Service Provider (DTSP) and Financial Services and Markets Act (FSMA) rules. These changes came into effect in mid-2025. They expand the obligations for companies that operate from Singapore or market their services to Singaporean users. The new rules place a strong focus on anti-money-laundering controls, proper customer handling, and clearer consumer protection.
This regulatory shift did not discourage growth. Instead, it pushed many serious firms to improve internal processes, apply for official licenses, or redesign products so they could fit within allowed activities. The rules are clearer than in many neighbouring countries. Thus, Singapore remains attractive for both homegrown and international DeFi projects.
Kyber Network is one of the most recognised DeFi projects in Singapore. It operates a decentralised liquidity protocol designed to support token swaps and liquidity aggregation across different platforms. The project is run by Kyber Network Pte. Ltd., a formally registered Singapore company, which reinforces its strong presence in the region.
Kyber’s technology allows DeFi applications, wallets, and traders to access competitive on-chain liquidity. The protocol routes trades through the best available sources and performs transactions entirely on the blockchain. This focus on transparency and automation has made Kyber a go-to choice for many decentralised exchanges and DeFi integrators. The company’s decision to maintain a solid base in Singapore aligns with the city-state’s push toward secure and compliant digital asset infrastructure.
Zilliqa is another major blockchain project with deep Singaporean roots. It grew out of academic research conducted at the National University of Singapore. Since then, it has evolved into a full blockchain ecosystem known for processing transactions in parallel using sharding technology.
The network has built a strong community of developers, businesses, and DeFi applications. Several decentralised exchanges, lending platforms, and NFT marketplaces operate on Zilliqa. The team continues to expand the network’s abilities with upgrades such as EVM (Ethereum Virtual Machine) compatibility. These efforts help attract more developers who already work with Ethereum-based tools.
Singapore has long supported research and innovation in distributed systems, which makes the city-state a natural home for Zilliqa. Grants, developer programs, and enterprise partnerships in Singapore have kept the ecosystem active and expanding.
Also Read - Best Crypto Exchanges in Singapore for 2025
Reliable data feeds are essential to DeFi, and Band Protocol is one of the networks helping solve this challenge. Band provides oracles that deliver real-world data, such as prices or market information, to smart contracts across multiple blockchains. Although Band’s operations span several countries in Asia, the project maintains offices and teams in the region and interacts closely with businesses in Singapore.
Recent updates from the project in 2025 highlight its goal of serving both DeFi and AI applications. Many institutional-grade financial products depend on accurate and tamper-proof data feeds. Band’s services play an important role in supporting the next generation of regulated DeFi tools being developed in Singapore.
Not all important DeFi contributions come from blockchain protocols. Some of Singapore’s most influential companies are data providers and fiat on-and-off ramps. CoinGecko, headquartered in Singapore, is one of the world’s largest cryptocurrency data platforms. It supplies pricing information, decentralised exchange rankings, total value locked data, and analytics that millions of users depend on. Many DeFi traders and developers rely on CoinGecko’s datasets to analyse performance and build products.
Coinhako is another major player. It is one of Singapore’s earliest licensed digital asset platforms and acts as a key fiat gateway for users entering the crypto ecosystem. The company recently reported strong financial growth, with its revenue nearly tripling. Although the firm also noted operating losses as it invested in expansion and compliance, these figures show the growing demand for safe and regulated access to digital assets in the region. Both CoinGecko and Coinhako form essential parts of Singapore’s wider DeFi environment, even though they are not protocols themselves.
The collapse of TerraUSD and LUNA remains one of the most significant events in the history of decentralised finance. Terraform Labs, often described as having operated from Singapore, faced major civil and criminal actions after the stablecoin system failed.
The legal issues unfolded across multiple countries between 2023 and 2025. Courts delivered verdicts and settlements involving the company and its leadership, demonstrating that operating from Singapore cannot shield a project from global regulatory and legal consequences.
The case had a major impact on the region. It encouraged Singaporean regulators to strengthen oversight of stablecoin issuers and tighten the rules for digital asset companies. The episode reminded the entire industry that investor protection remains a core concern for authorities.
Also Read - Why Singapore Is the World’s Smartest Crypto Hub
The period from 2024 to mid-2025 brought several important shifts to Singapore’s DeFi ecosystem. The updated DTSP and FSMA rules pushed many exchanges and service providers to apply for licences or limit services until approval was secured. Compliance costs rose significantly, but companies that adapted gained more trust from customers and institutional partners.
Coinhako’s financial reports continued to show strong revenue growth even as the company expanded its infrastructure and compliance operations. This pattern shows a broader trend: service providers in Singapore face higher operating costs but also benefit from increasing demand in a regulated environment.
Singapore has built one of the world’s most stable environments for decentralised finance. Projects such as Kyber Network, Zilliqa, Band Protocol, CoinGecko, and Coinhako continue to strengthen the ecosystem through liquidity, blockchain technology, oracle infrastructure, and market access.
At the same time, events like the Terraform Labs collapse have shaped the regulatory approach and reinforced the importance of strong governance. With MAS setting clear expectations and companies responding with more mature operations, Singapore is a powerful base for the growth of global DeFi innovation.
1. What makes Singapore a major hub for DeFi projects?
Singapore offers clear regulations, strong financial infrastructure, and government support, making it attractive for blockchain and DeFi development.
2. Which major DeFi projects operate from Singapore?
Key projects with significant presence include Kyber Network, Zilliqa, and Band Protocol.
3. Is DeFi regulated in Singapore?
DeFi itself is not directly regulated, but companies offering digital token services must follow MAS rules under the Payment Services Act and FSMA.
4. Why are projects like Kyber Network and Zilliqa important to DeFi?
Kyber Network improves on-chain liquidity, Zilliqa enhances blockchain scalability, and Band Protocol delivers reliable data feeds, all essential for DeFi growth.
5. How does Singapore support DeFi innovation?
Singapore provides licensing pathways, regulatory clarity, and an ecosystem that encourages responsible experimentation and long-term Web3 development.
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