Singapore Exchange CEO Says “Not Ready” for Crypto Listings: Report

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Sujha Sundararajan

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Sujha Sundararajan

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Last updated: 

July 9, 2024

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The Singapore Exchange (SGX) is currently not having any plans to allow for crypto listings, per a Reuters’ report.

According to the exchange’s CEO, Loh Boon Chye, SGX is “not ready” as conditions are not ripe to move forward.

“The ecosystem, I feel, at this point in time, is not ready for such products in Singapore,” he spoke during an interview at the Reuters NEXT conference in Singapore.

He also stressed that crypto listing on the SGX is a decision “not at the moment.”

In April, Asia got its first spot Bitcoin ETFs, as Hong Kong approved six of these products.

However, the Monetary Authority of Singapore (MAS), clearly said in January that it would not approve spot Bitcoin ETFs to retail investors in Singapore. On the other hand, the SGX noted that it is monitoring developments in the cryptocurrency sector.

Further, Loh noted that the SGX is known to be the most innovative exchange or platform in the world. He added that listing of cryptos depend on as time evolves and as the ecosystem comes together. “You never say never,” he stressed.

SGX Decides to Step Back from Approving Crypto ETFs

Though Singapore’s crypto landscape is buzzing with optimism, a Survey of Singaporeans by Independent Reserve, in March, found that one-third of respondents would consider investing in overseas spot Bitcoin ETF.

Interestingly, 50% of Singaporeans have no interest in investing in an overseas spot Bitcoin ETF at all, the survey said. Additionally, 75% of responders prefer investing directly in Bitcoin through a cryptocurrency exchange.

As a result, both MAS and the SGX are taking a cautious approach toward listing crypto products at this time.

“I think for any new product launches, it’s important for this to have a sustainable ecosystem support,” the SGX CEO told Reuters.

“That really means demand, that really means governance, that really means structure.”