Singapore Alternate (SGX) has announced it does no longer notion to allow cryptocurrency listings soon.
SGX CEO Loh Boon Chye shared this stance on July 9, highlighting the need for higher stipulations before brooding about cryptocurrency listings.
Critically, SGX currently supports the iEdge Bitcoin Index and the iEdge Ethereum Index, which launched in 2020 in collaboration with CryptoCompare. Despite these funds tracking the costs of Bitcoin (BTC) and Ethereum (ETH), SGX does no longer allow crypto listings.
Furthermore, Singapore has currently turn out to be even handed one of many most intelligent venues for crypto ventures. As well to Hong Kong, Singapore attracted 11% of the total VC funding to crypto startups globally as of closing December. On the opposite hand, the rising visibility of crypto has no longer impacted a positive determination from the SGX.
Within the midst of an interview at the Next conference from Reuters, Chye confirmed that the alternate would no longer help crypto listings anytime soon. He emphasised that for unique product launches, sustainable ecosystem help is most well-known. This entails having ample query, efficient governance, and a effectively-structured framework.
Chye’s pessimism comes at a time when the cryptocurrency market is garnering essential institutional attention globally. The U.S. SEC licensed dwelling Bitcoin ETFs in January after years of lengthen, and has extra given partial approval to dwelling Ethereum ETFs. In April, Hong Kong additionally licensed its first dwelling Bitcoin and Ethereum ETFs.
Interestingly, following the itemizing of dwelling Bitcoin ETFs within the U.S., the Monetary Authority of Singapore (MAS), the country’s central monetary institution, cautioned merchants in opposition to investing within the products. Critically, the ETFs occupy hugely outperformed expectations, with over $14 billion in secure inflows.
On the opposite hand, Chye contended that the fresh ecosystem in Singapore isn’t any longer ready for such products. Whereas SGX is identified for its innovation, the true stipulations needs to be in space before transferring forward with crypto listings. Chye stressed out that with time, the alternate will occupy in mind the pass.
