Key Takeaways
- Hyperliquid Labs, a software developer contributing to the Hyperliquid blockchain, is registered in Singapore.
- The Hyperliquid blockchain is decentralized and permissionless and is separate from Hyperliquid Labs.
- Questions around regulatory oversight remain relevant for users of decentralized perpetual-futures platforms.
Hyperliquid Labs is registered in Singapore, but the software development company is separate from the decentralized, permissionless Hyperliquid blockchain and the trading activity conducted through applications built on it.
The Monetary Authority of Singapore (MAS) told the Financial Times it was unaware of Hyperliquid being regulated in any major jurisdiction.
According to the Financial Times, people familiar with MAS’s thinking said the decentralized nature of Hyperliquid was relevant to the regulator’s assessment of the platform.
Hyperliquid Labs, meanwhile, is a Singapore-registered software development company that contributes to the Hyperliquid blockchain. The company has said it has never claimed to be licensed or authorized by MAS.
The distinction is important: the corporate registration and location of a software developer contributing to a blockchain do not mean the blockchain itself is headquartered, registered, or regulated in that jurisdiction.
Hyperliquid Labs Is Registered in Singapore
Hyperliquid Labs’ roughly 11-person team, led by co-founder Jeff Yan, moved to Singapore in 2024. Corporate documents reviewed by the Financial Times identified Singapore as the registration location of Hyperliquid Labs.
That does not mean the Hyperliquid blockchain itself is headquartered in Singapore.
Hyperliquid is a decentralized, permissionless blockchain, while Hyperliquid Labs is a software development company that contributes to the network.
Hyperliquid Labs said it had never claimed to be licensed or authorized by MAS and would work constructively with regulators.
The distinction separates the corporate status of Hyperliquid Labs from the regulatory status of the blockchain and applications operating on it.
A Singapore corporate registration for Hyperliquid Labs does not, by itself, demonstrate that MAS has approved the Hyperliquid blockchain or trading products available through applications built on it.
The reported regulatory position also requires careful attribution.
The explanation linking Hyperliquid’s decentralized nature to MAS’s assessment came from people familiar with the regulator’s thinking rather than a published ruling establishing a general exemption for decentralized exchanges.
The issue therefore illustrates a broader regulatory challenge: determining how existing financial rules apply to decentralized, permissionless networks and the separate companies that contribute software to them.
MAS Added Hyperliquid to Its Investor Alert List
MAS added Hyperliquid to its Investor Alert List on June 26, 2026. The listing identified the Hyper Foundation website and Hyperliquid’s trading application.
The regulator describes the register as identifying entities that people may wrongly perceive as licensed, authorized, or regulated by MAS. Its purpose is to correct that impression. Inclusion alone should not be presented as a shutdown order or proof of wrongdoing.
In response to the listing, Hyperliquid emphasized that the blockchain is permissionless and that users retain control of their funds.
That describes characteristics of the network and its operating model but does not amount to regulatory approval.
The distinction matters because applications operating on Hyperliquid provide access to perpetual futures, allowing traders to maintain directional positions without a fixed expiry date.
Leveraged exposure can amplify losses as well as gains.
Self-custody and supervisory protection also address different risks. Retaining control of funds does not remove exposure to liquidation, technical failures, or disputes over how markets operate.
For users, Hyperliquid Labs’ presence in Singapore should therefore be considered separately from the regulatory status of the Hyperliquid blockchain and applications built on it.
Offshore Rules Highlight Broader Regulatory Questions
Singapore has tightened requirements for certain digital token businesses serving overseas customers.
In June 2025, MAS clarified that providers conducting specified digital token services solely for customers outside Singapore would need to be licensed by June 30 that year. Providers without a license would have to stop their regulated activities.
MAS also said it would generally decline such licenses, citing elevated money-laundering risks and difficulty supervising businesses whose substantive regulated activity takes place abroad.
Those rules provide context for Singapore’s approach to digital-asset businesses, but they do not by themselves establish that Hyperliquid Labs, the Hyperliquid blockchain, or applications operating on it fall within those requirements.
Nor do they establish that decentralization automatically places a blockchain outside Singapore’s regulatory framework.
The broader issue is how regulators apply rules designed around identifiable companies and service providers to decentralized blockchain infrastructure.
Hyperliquid Labs is registered in Singapore and contributes software to Hyperliquid, but that corporate presence should not be conflated with the location or regulatory status of the decentralized Hyperliquid blockchain itself.
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The information provided in this article is for informational purposes only. It is not intended to be, nor should it be construed as, financial advice. We do not make any warranties regarding the completeness, reliability, or accuracy of this information. All investments involve risk, and past performance does not guarantee future results. We recommend consulting a financial advisor before making any investment decisions.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
