SGX Shuts Out Crypto, Says No Plan for “Immediate” Listing

Singapore Exchange (SGX) sidelines crypto products, citing the local market is “not ready.”

A floating Singapore island on blockchain.
Created by Gabor Kovacs from DailyCoin
  • Singapore Exchange has no immediate plans for listing crypto.
  • Singapore’s MAS banned local crypto ETF listings in January.
  • As Singapore lags, other countries are embracing crypto exchange-traded funds.

Singapore Exchange (SGX) CEO Loh Boon Chye said Tuesday that the bourse has no immediate plans to list cryptocurrencies, citing unripe conditions for such a move.  

Formed in 1999 through the merger of the Stock Exchange of Singapore and the Singapore International Monetary Exchange, SGX is interested in the Asian derivatives business and has built up a global listing venue for real estate trusts.

SGX Sidelines Crypto

Speaking in an interview at the Reuters NEXT conference in Singapore on July 9, Loh said “Not at the moment” when asked whether SGX would welcome crypto listings.

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“I think for any new product launches, this needs to have a sustainable ecosystem support. That really means demand, that really means governance, that really means structure,” Loh explained. The ecosystem, I feel, at this point in time, is not ready for such products in Singapore.”

Loh’s comment comes after the Monetary Authority of Singapore (MAS) took a similar stand against crypto-centric exchange-traded products (ETFs) on January 18, a week following the approval of spot Bitcoin ETFs in the U.S.

While MAS has banned the local listing of Bitcoin ETFs, citing volatility and user eligibility concerns, the regulator allows retail investors to access these funds in overseas markets and encourages them to “exercise extreme caution.”

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But as Singapore continues to take a reserved approach toward crypto ETFs, other parts of the world are embracing the innovation.

The Crypto ETF Wave

Thailand was among the first countries to reverse its stance against crypto ETFs. In January, citing a policy lacuna, the Thai SEC showed unwillingness to allow Bitcoin ETFs within its territory. However, on June 4, the Thai SEC finally caved in and approved the first spot BTC exchange-traded fund.

In Australia, the Australian Securities Exchange (ASX) welcomed the second spot crypto product on Tuesday, allowing DigitalX’s Bitcoin ETF to be listed for trading under the ticker “BTXX”. Monochrome launched the first spot Bitcoin ETF on ASX on June 4.

Stay updated on Singapore’s strengthened regulations for crypto assets:
Singapore Unveils Strengthened Regulations For Digital Assets

Read about Upbit’s recent win in Singapore:
Upbit Secures Singapore’s Major Payment Institution License

This article is for information purposes only and should not be considered trading or investment advice. Nothing herein shall be construed as financial, legal, or tax advice. Trading forex, cryptocurrencies, and CFDs pose a considerable risk of loss.

Author
Brian Danga

Brian Danga, a Kenyan crypto reporter, is dedicated to delivering breaking news and updates from the cryptocurrency world. With a background as a Web3 writer and project manager, he recognizes the importance of unbiased reporting. Holding an LLB degree from the University of Nairobi, Brian's analytical skills contribute to his accurate news reporting. His personal interests include cooking, watching documentaries, reading, and engaging in intellectual discussions.