Singapore Exchange (SGX) CEO Loh Boon Chye Rules Out Cryptocurrency Listings for Now

Singapore Exchange (SGX) CEO Loh Boon Chye has made it clear that the exchange does not plan to allow cryptocurrency listings anytime soon. Despite the growing popularity of cryptocurrencies globally, SGX believes that the current ecosystem in Singapore is not ready for such products.

SGX currently supports the iEdge Bitcoin Index and the iEdge Ethereum Index, which track the prices of Bitcoin and Ethereum. However, the exchange has not yet opened its doors to actual cryptocurrency listings.

Singapore has recently emerged as a hub for crypto ventures, attracting a significant amount of venture capital funding. However, SGX’s decision to hold off on allowing crypto listings contrasts with the trend of other financial institutions globally.

In an interview at the Next conference from Reuters, Chye emphasized the importance of having a sustainable ecosystem in place before considering new product launches. This includes factors such as demand, governance, and regulatory framework.

While countries like the U.S. and Hong Kong have approved spot Bitcoin and Ethereum ETFs, Singapore’s central bank, the Monetary Authority of Singapore (MAS), has cautioned investors against investing in such products. Chye believes that SGX must wait for the right conditions to be in place before moving forward with crypto listings.

Despite the increasing institutional interest in cryptocurrencies, SGX remains cautious about allowing crypto listings on its exchange. Chye hinted that with time, the exchange could reconsider its stance, but for now, cryptocurrency enthusiasts will have to wait for SGX to join the crypto bandwagon.