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$82,616.00 -1.16595
Bitcoin price
Ethereum
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$1,892.67 -1.09332
Ethereum price
BNB
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$631.13 -0.08685
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Solana
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$123.52 -4.5717
Solana price
XRP
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$2.26 -3.35446
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$0.0000125 -4.23522
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$0.0000069 -3.98238
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dogwifhat
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$0.463241 -5.21474
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Popcat
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$0.185001 -9.43848
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Bitcoin
Bitcoin (BTC)
$82,616.00 -1.16595
Bitcoin price
Ethereum
Ethereum (ETH)
$1,892.67 -1.09332
Ethereum price
BNB
BNB (BNB)
$631.13 -0.08685
BNB price
Solana
Solana (SOL)
$123.52 -4.5717
Solana price
XRP
XRP (XRP)
$2.26 -3.35446
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000125 -4.23522
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000069 -3.98238
Pepe price
Bonk
Bonk (BONK)
$0.0000106 -4.19863
Bonk price
dogwifhat
dogwifhat (WIF)
$0.463241 -5.21474
dogwifhat price
Popcat
Popcat (POPCAT)
$0.185001 -9.43848
Popcat price
Bitcoin
Bitcoin (BTC)
$82,616.00 -1.16595
Bitcoin price
Ethereum
Ethereum (ETH)
$1,892.67 -1.09332
Ethereum price
BNB
BNB (BNB)
$631.13 -0.08685
BNB price
Solana
Solana (SOL)
$123.52 -4.5717
Solana price
XRP
XRP (XRP)
$2.26 -3.35446
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000125 -4.23522
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000069 -3.98238
Pepe price
Bonk
Bonk (BONK)
$0.0000106 -4.19863
Bonk price
dogwifhat
dogwifhat (WIF)
$0.463241 -5.21474
dogwifhat price
Popcat
Popcat (POPCAT)
$0.185001 -9.43848
Popcat price
Bitcoin
Bitcoin (BTC)
$82,616.00 -1.16595
Bitcoin price
Ethereum
Ethereum (ETH)
$1,892.67 -1.09332
Ethereum price
BNB
BNB (BNB)
$631.13 -0.08685
BNB price
Solana
Solana (SOL)
$123.52 -4.5717
Solana price
XRP
XRP (XRP)
$2.26 -3.35446
XRP price
Shiba Inu
Shiba Inu (SHIB)
$0.0000125 -4.23522
Shiba Inu price
Pepe
Pepe (PEPE)
$0.0000069 -3.98238
Pepe price
Bonk
Bonk (BONK)
$0.0000106 -4.19863
Bonk price
dogwifhat
dogwifhat (WIF)
$0.463241 -5.21474
dogwifhat price
Popcat
Popcat (POPCAT)
$0.185001 -9.43848
Popcat price

Singapore’s SGX exchange does not plan to allow crypto listings soon

Dorian Batycka
Edited by
News
Singapore’s SGX exchange does not plan to allow crypto listings soon

Singapore Exchange (SGX) has announced it does not plan to allow cryptocurrency listings soon. 

SGX CEO Loh Boon Chye shared this stance on July 9, highlighting the need for better conditions before considering cryptocurrency listings.

Notably, 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 prices of Bitcoin (BTC) and Ethereum (ETH), SGX does not allow crypto listings.

Moreover, Singapore has recently become one of the most attractive venues for crypto ventures. In addition to Hong Kong, Singapore attracted 11% of the total VC funding to crypto startups globally as of last December. Nonetheless, the increasing visibility of crypto has not impacted a positive decision from the SGX.

During an interview at the Next conference from Reuters, Chye confirmed that the exchange would not support crypto listings anytime soon. He emphasized that for new product launches, sustainable ecosystem support is important. This involves having sufficient demand, effective governance, and a well-structured framework.

Chye’s pessimism comes at a time when the cryptocurrency market is garnering significant institutional attention globally. The U.S. SEC approved spot Bitcoin ETFs in January after years of delay, and has further given partial approval to spot Ethereum ETFs. In April, Hong Kong also approved its first spot Bitcoin and Ethereum ETFs. 

Interestingly, following the listing of spot Bitcoin ETFs in the U.S., the Monetary Authority of Singapore (MAS), the country’s central bank, cautioned investors against investing in the products. Notably, the ETFs have massively outperformed expectations, with over $14 billion in net inflows.

However, Chye contended that the current ecosystem in Singapore is not prepared for such products. While SGX is known for its innovation, the right conditions must be in place before moving forward with crypto listings. Chye stressed that with time, the exchange could consider the move.