Hyperliquid in Singapore but outside MAS regulatory scope

Hyperliquid has confirmed its registration in Singapore, though the Monetary Authority of Singapore (MAS) does not consider it under its jurisdiction. The financial regulator's main concern is the platform's decentralized nature. Hyperliquid's team of about 11 people, led by co-founder Jeff Yan, relocated to Singapore in 2024 but never applied for an MAS licence. On June 26, MAS added Hyperliquid to Singapore’s crypto warning list, flagging firms that the public might mistakenly believe MAS regulates.

Hyperliquid responded that it operates as permissionless infrastructure, allowing users to maintain control of their own funds. However, Kyle Samani, chairman of Forward Industries, disputed this claim days later, stating, "Hyperliquid is not permissionless. Stop gaslighting the public." MAS has previously enforced strict regulations, setting a June 30, 2025 deadline for local crypto firms serving only overseas clients to get licensed or cease operations. The regulator is unlikely to grant such licences, targeting activities like running exchanges or holding customer assets.

Hyperliquid argues that trades settle on-chain and users hold their own funds, which is why MAS does not claim the platform. Meanwhile, the HYPE token trades at $91.64, down 3% in 24 hours, though the altcoin's market value has been climbing despite the MAS alert. In the US, the Commodity Futures Trading Commission (CFTC) is seeking public comment on new crypto trading rules, citing the $8 billion FTX fraud as a reason to act early.