Singapore Regulator Says Hyperliquid May Fall Outside Its Jurisdiction

Hyperliquid Labs and Singapore's MAS face questions over the platform's regulatory jurisdiction and Singapore headquarters.

Singapore's financial regulator has indicated that Hyperliquid may fall outside its jurisdiction despite Hyperliquid Labs being based in Singapore, according to the Financial Times (FT). The Monetary Authority of Singapore (MAS) said it is not aware of Hyperliquid being regulated in any major jurisdiction and has previously warned investors that its perpetual futures are not regulated by MAS.

MAS Questions Singapore Jurisdiction

People familiar with the regulator's thinking told the FT that MAS does not consider Hyperliquid to be based in Singapore because of the platform's “decentralised nature.” Based on that view, the regulator believes Hyperliquid should fall outside its jurisdiction.

The position creates a distinction between Hyperliquid's corporate presence and how Singapore's regulator views the decentralised platform. Corporate documents reviewed by the FT list Singapore as the registered headquarters of Hyperliquid, while Hyperliquid Labs has separately confirmed to the publication that it is based in Singapore.

Hyperliquid Responds

Hyperliquid Labs told the FT that it “is not, and has never Cryptocurrency,claimed to be, licensed or authorised by MAS.” The company also said it remains committed to engaging constructively with regulators.

MAS, meanwhile, said it is not aware of Hyperliquid being regulated in any major jurisdiction. The regulator has previously warned investors that Hyperliquid's perpetual futures are not regulated by MAS, providing a clear distinction between the platform's availability and regulatory authorisation in Singapore.

The reported dispute therefore centers on markets whether Hyperliquid's decentralised structure places the platform outside MAS's regulatory jurisdiction, despite corporate records identifying Singapore as its registered headquarters and Hyperliquid Labs confirming its Singapore base.

Writer: Victoria Hale
Technology & Blockchain Writer

Victoria Hale writes about blockchain technology, digital infrastructure, and the intersection of emerging technologies with finance. Her articles explore how new protocols and systems are shaping the evolving digital economy.

She prioritises clarity and accuracy when explaining technical developments to a general audience.