Hyperliquid confirms that it will be headquartered in Singapore, MAS says its business is not regula

Hyperliquid Labs 确认总部设于新加坡，MAS 表示该去中心化平台不在其监管范围内

Hyperliquid Labs 已正式确认其注册总部位于新加坡。据悉，该公司约11人的团队已于2024年迁至当地。与此同时，新加坡金融管理局（MAS）表示，目前并未发现该平台在任何主要司法管辖区受到监管。

核心要点

• Hyperliquid Labs 确认新加坡为其注册总部，并承认其当前处于无监管状态。
• 据知情人士透露，MAS 认为 Hyperliquid 的去中心化性质使其不属于 MAS 的管辖范围。
• MAS 于6月26日将 Hyperliquid 列入“投资者警示名单”，但并未对其实施禁令。
• Payward 提出了为符合条件的美国客户提供受监管的 Hyperliquid 市场方案，但该方案需获得监管机构批准。

官方回应与立场

据《金融时报》报道，Hyperliquid Labs 确认了其在新加坡的总部地位。同时，熟悉 MAS 立场的人士指出，监管机构认为该平台具有去中心化特征，因此不应纳入其监管框架。在直接回应媒体时，MAS 表示：“我们不知道 Hyperliquid 在任何主要司法管辖区受到监管。”

Hyperliquid reportedly admitted that its operations are currently unregulated and said it has never claimed to have received permission or authorization from MAS. The company also expressed its willingness to work constructively with regulators.

Team migration and registration information

According to the Financial Times, co-founder Jeff Yan and his development team of about 11 people have moved to Singapore in 2024. Company documents reviewed by the media show that Singapore is the company's registered headquarters, and recent recruitment materials also mention the existence of a local office. Reported that just last week, candidates were still asked if they could work in the Singapore office in the job advertisement. When asked by the Financial Times about this, Hyperliquid Labs confirmed its registration location.

People familiar with MAS's position explained to the media that the nature of platform decentralization is the basis for its belief that Hyperliquid should not be subject to its jurisdiction. Hyperliquid reiterated to the media that it remains unregulated and is open to cooperation with authorities.

MAS Investor Alert List

It was previously reported that MAS added Hyperliquid to its "Investor Alert List"(IAL) on June 26. The regulator's entry lists both the Hyper Foundation website and the Hyperliquid trading application.

MAS describes the list as a notice intended to alert investors that certain entities may be mistakenly believed to have been licensed, authorized or under the agency's supervision. Regulators stressed that the list is not exhaustive and only records information that is available at the time of publication of the entry.

In response to the inclusion on the list, Hyperliquid responded: "The inclusion of IAL does not constitute a ban, enforcement action or determination of misconduct." In the same statement, the platform reiterated that its license-free infrastructure remains unchanged and reiterated that it never claimed to be authorized by the MAS. Hyperliquid also said it will work with regulators and financial institutions to support clear rules in the on-chain finance sector.

Singapore's licensing requirements for overseas token services

An early report in June 2025 detailed Singapore's deadline for overseas token licensing. Previously, MAS issued a notice on May 30 and clarified on June 6. According to the regulations, covered service providers must obtain licenses or cease activities by June 30, 2025, with no additional transition period.

MAS stated that the framework applies to digital token service providers that only provide digital payment tokens or token services representing capital market products to customers outside Singapore. The authorities pointed out that they set a high licensing threshold and would not usually issue licenses for the business model.

In explaining its position, MAS cited the higher risk of money laundering and the difficulty of regulating service providers whose substantive regulated activities occur overseas. Regulators said service providers lacking the necessary licenses must stop providing covered services from the effective date.

Proposal for compliance path for U.S. customers

For U.S. clients, Ashley Ebersole, former senior counsel at the U.S. Securities and Exchange Commission, described a different U.S. regulatory path in an Aug. 31 report. Ebersole, co-founder and chief legal officer of tx, pointed out that existing U.S. laws do not provide a direct way to provide offshre-style crypto perpetual contracts to retail customers.

According to Ebersole analysis, commodity-linked contracts may be regulated by the Commodity Futures Trading Commission (CFTC), while security-linked products may involve the Securities and Exchange Commission (SEC). A compliant structure may need to cover registration of trading venues, clearing and intermediaries, as well as rules or exemptions for the product itself.

Ebersole estimates that even if both agencies move forward, the process could take 10 to 12 months. He said agencies need to determine their legal authority, establish frameworks, and complete any necessary proposals, public comment solicitation and implementation steps.

Ebersole said relying on existing powers or immunities could shorten the process, while litigation, inter-agency differences or legislative needs could cause delays.

Payward proposes regulated market proposal

On September 16, Kraken parent company Payward announced plans to use Hyperliquid's HIP-3 infrastructure to establish a regulated Hyperliquid perpetual contract market. Payward said the proposed market must obtain regulatory approval before eligible U.S. customers can trade.

Under the proposal, Bitnomial Exchange will create and manage contracts, and Bitnomial Clearinghouse will be responsible for clearing and settlement. Payward said transactions will use Hyperliquid's on-chain order book to match and record transactions.

In terms of customer access, Payward plans to use NinjaTrader Clearing to host accounts. The company said traders need to complete the onboarding process and appear on the whitelists of NinjaTrader and Bitnomial to participate in transactions.

Payward's proposed arrangement limits customers to regulated products deployed by Bitnomial based on its exchange rules, rather than every market offered by Hyperliquid. In a September 16 announcement, Payward listed Hyperliquid as the first agreement for the initiative, but did not specify a specific launch date.