Hyperliquid confirms Singapore base as MAS distances itself from platform

The confirmation follows months of speculation regarding the firm's operational footprint. While Hyperliquid Labs acknowledged its unregulated status, it clarified that it has never sought or claimed authorization from MAS. The regulator previously added the platform to its Investor Alert List on June 26, a move officials described as a notice for the public rather than an enforcement action or a formal ban.

Sources familiar with the regulator’s perspective indicate that MAS views Hyperliquid’s decentralized infrastructure as a barrier to traditional oversight. This stance aligns with the authority’s broader, stringent approach to digital token service providers, which requires firms to meet high licensing bars—or cease operations—if they provide services involving capital market products.

Meanwhile, the platform is exploring regulated pathways in the United States. Kraken parent company Payward recently proposed a structure to offer Hyperliquid-based perpetual markets to eligible U.S. customers. This model would rely on Bitnomial Exchange and its clearinghouse to manage compliance, effectively wrapping the decentralized protocol in a layer of traditional institutional oversight. Legal experts estimate that obtaining necessary regulatory approvals for such a hybrid model could take up to a year, contingent on agency cooperation and the specific legal framework applied to the underlying smart contracts.