Hyperliquid Calls Singapore Home — But Does It Have a License?
Hyperliquid confirmed it is registered in Singapore, but it said it does not have a MAS license. The Monetary Authority of Singapore is described as viewing the decentralized venue as outside its jurisdiction, while Singapore rules distinguish crypto derivatives traded on approved exchanges from those offered elsewhere. The open question is how those rules apply to this venue and whether Singapore authorities will treat it as within their remit.
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Users and counterparties notice that Hyperliquid is presenting Singapore as its base while also saying it has no MAS license. That means the platform is being discussed in Singapore as a venue that is registered there, yet not treated by the local regulator as a supervised exchange today.
In practice, the line for crypto derivatives in Singapore remains tied to whether they are on approved exchanges or offered elsewhere. What changes here is not the existence of Singapore’s rules, but the question of whether a decentralized venue fits inside them in the first place.
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Has this happened before?
| When | What happened | Figure |
|---|---|---|
| 15 days ago | Hyperliquid Policy Center, Circle press EU on perps and stablecoin reserves in MiCA review event | 1 actors in common · 2 news media |
| 15 days ago | Hyperliquid Policy Committee urges EU to fold on-chain perps into MiFID II event | 1 actors in common · 2 news media |