Singapore Exchange (SGX) CEO Loh Boon Chye announced on July 9 that the exchange does not plan to allow cryptocurrency listings soon. Despite supporting the iEdge Bitcoin Index and the iEdge Ethereum Index since 2020, SGX remains cautious about listing crypto assets.
Singapore has become a top destination for crypto ventures, attracting 11% of global VC funding to crypto startups by last December. However, this has not swayed SGX’s decision. During an interview at the Next conference from Reuters, Chye emphasized the need for sufficient demand, effective governance, and a well-structured framework before considering new product launches.
This comes as the global cryptocurrency market gains institutional attention, with the U.S. SEC and Hong Kong approving spot Bitcoin and Ethereum ETFs. Yet, SGX believes the current ecosystem in Singapore is not ready for such products. Chye suggested that with time, the exchange might reconsider.
The strategic importance lies in ensuring robust ecosystem support for sustainable growth in the crypto sector.
