Singapore Exchange (SGX) has announced it does not plan to allow cryptocurrency listings anytime soon. CEO Loh Boon Chye highlighted the need for better conditions before reconsidering.
SGX currently supports the iEdge Bitcoin Index and the iEdge Ethereum Index, which launched in 2020 in collaboration with CryptoCompare. These funds track the prices of Bitcoin (BTC) and Ethereum (ETH).
Despite Singapore being an attractive venue for crypto ventures, SGX maintains its conservative stance. Singapore attracted 11% of total VC funding to crypto startups globally as of last December.
In an interview at the Next conference, Chye confirmed SGX’s stance, citing the need for a sustainable ecosystem, sufficient demand, effective governance, and a well-structured framework.
Chye’s position contrasts with the growing institutional interest in the cryptocurrency market globally. The U.S. SEC approved spot Bitcoin ETFs in January, followed by spot Ethereum ETFs. Hong Kong also approved its first spot Bitcoin and Ethereum ETFs in April.
Following the U.S. Bitcoin ETF listings, the Monetary Authority of Singapore (MAS) cautioned investors against these products. Despite the caution, the ETFs received over $14 billion in net inflows.
Chye argued that Singapore’s current ecosystem is not ready for crypto listing products. While SGX is known for innovation, Chye emphasized that the right conditions must be in place before proceeding.
