Hyperliquid Confirms Singapore Base Without a MAS License

Hyperliquid confirmed that it is based in Singapore while acknowledging that it does not hold a license from the Monetary Authority of Singapore (MAS), raising questions about how the city-state’s crypto-derivatives rules apply to the venue.

Singapore’s regulatory framework distinguishes between crypto derivatives offered on approved exchanges and those offered elsewhere. That distinction is central to determining how a decentralized trading venue such as Hyperliquid fits within the country’s rules.

Hyperliquid’s Singapore base raises questions about how Singapore’s rules apply to decentralized venues offering crypto derivatives.