Singapore Exchange (SGX), has stated that it will not be allowing cryptocurrency listings in the near future.
SGX Chief Executive Loh Boon Chye made this statement on the 9th of July, highlighting that better conditions are needed before cryptocurrency listings can be considered.
SGX supports both the iEdge Bitcoin Index as well as the iEdge Ethereum Index. These indexes were launched by CryptoCompare in 2020. Despite the fact that these funds are tracking Bitcoin’s prices (BTCEthereum (ETHSGX is not a crypto exchange.
Singapore, meanwhile, has become a very attractive location for crypto-related ventures. Singapore is another option to Hong Kong. attracted As of December last year, 11% of all VC funds were allocated to crypto-startups globally. Nevertheless, the growing visibility of crypto did not influence SGX’s positive decision.
When an interview Chye announced at Next, a conference organized by Reuters, that his exchange does not plan to support cryptocurrency listings in the near future. He stressed that sustainable ecosystem support was important for the launch of new products. A well-structured, structured, and effective framework is required, as are sufficient demand levels, good governance, and an efficient government.
Chye’s pessimism is at odds with the fact that cryptocurrency markets are gaining significant attention from institutions around the world. In January, after many years of waiting, the U.S. SEC granted approval for spot Ethereum and Bitcoin ETFs. Hong Kong approved the first Bitcoin and Ethereum spot ETFs in April.
In a surprising move, after the U.S. listed spot Bitcoin ETFs, Singapore’s Monetary Authority (MAS), its central bank, has also done the same. cautioned The products are not recommended for investors. ETFs outperformed their expectations massively, as they have netted over $14 billion. inflows.
Chye argued that Singapore’s current ecosystem isn’t prepared to handle such products. SGX, a company known for innovation, must first ensure that the conditions are right before it can consider listing crypto. Chye said that the exchange would consider this move in the future.
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Source: crypto.news
