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FollowingSingapore Monetary Authority questions Hyperliquid's registered status
The Singapore Monetary Authority (MAS) said it was unclear whether Hyperliquid was regulated in any major jurisdiction and questioned its status in Singapore. Although Hyperliquid Labs claims to be headquartered in Singapore, and company documents show that the city is its registered headquarters, MAS pointed out that Hyperliquid's perpetual contract transactions remain outside its regulatory scope.
Dispute over jurisdiction
The core of this dispute is whether this decentralized platform should be included in Singapore's regulatory jurisdiction. Regulators do not believe Hyperliquid is truly "located" in Singapore, according to people familiar with MAS's position. They pointed out that given the decentralized nature of the platform, it should not be governed by MAS.
However, Hyperliquid Labs insisted that its base is in Singapore. The company recently posted job advertisements asking if applicants could work from its Singapore office; company documents reviewed by the Financial Times also listed Singapore as the registered headquarters of Hyperliquid Labs.
Hyperliquid emphasized that it has never claimed to have received a license or authorization from MAS and expressed its respect for the role of regulators and is committed to maintaining communication with them. At the same time, MAS has issued a warning to investors about the perpetual contract products offered by the platform.
Perpetual contracts draw regulatory attention
The Hyperliquid platform provides perpetual contract trading that allows traders to speculate without delivering the underlying asset. Such contracts have no expiration date and use mechanisms to link prices to the spot market.
Consumer advocacy groups pointed out that perpetual contracts are considered high-risk investment vehicles because traders can use leverage and maintain open positions.
Previously, Hyperliquid founder and CEO Jeff Yan delivered a speech at the Token2049 conference held in Singapore on Wednesday.
Singapore's cautious attitude towards cryptocurrency activities
MAS takes a cautious stance on cryptocurrency activities at the retail end: on the one hand, it encourages digital asset innovation at the institutional level, and on the other hand, it discourages the public from participating in cryptocurrency speculation. This cautious attitude also stems from the previous crypto industry crises in Singapore. For example, Terraform Labs was registered in Singapore, but the TerraUSD it issued collapsed in 2022, resulting in the evaporation of approximately US$40 billion in assets.
Singapore tightens rules for cryptocurrency companies
Last year, MAS required unlicensed cryptocurrency exchanges operating in Singapore to close or relocate overseas. Subsequently, the Chainalysis report showed that the size of crypto assets in Singapore increased by 55% last year.
Other regulators have also expressed concerns about Hyperliquid's perpetual contracts. The Financial Conduct Authority (FCA) warned investors that it did not regulate Hyperliquid. At the same time, the United States approved retail perpetual contract transactions this year. President Donald Trump said in August that the Commodity Futures Trading Commission (CFTC) was working to bring Hyperliquid compliance into the U.S. market.
It is worth noting that the Singapore Exchange (SGX) also provides perpetual contract products, but MAS clarified that SGX's products are fundamentally different from Hyperliquid: SGX designs perpetual contracts mainly for institutional investors, not retail retail investors.
