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Singapore Exchange CEO Talks About Future Plans for Crypto Listings

SGX CEO Loh Boon Chye Discusses Future of Cryptocurrency Listings

Loh Boon Chye, CEO of the Singapore Exchange (SGX), has shared his views on the possibility of Singapore’s largest stock exchange offering crypto-based listings. Speaking at the Reuters NEXT conference, Loh emphasized the importance of a sustainable ecosystem, stating: “That really means demand, that really means governance, that really means structure.” Despite the increasing global trends and institutional pressure for crypto listings, Loh believes the current conditions in Singapore are not conducive for such products.

SGX, Singapore’s foremost stock exchange, is meticulously assessing the prerequisites for cryptocurrency listings on its platform. During the interview, when questioned about the potential for such listings, Loh replied, “Not at the moment.” He elaborated, “The ecosystem, I feel, at this point in time, is not ready for such products in Singapore.” He further explained that any new product launch requires a robust and sustainable ecosystem, which includes demand, proper governance, and a well-defined structure.

The U.S. Securities and Exchange Commission (SEC) made a significant move earlier this year by approving U.S.-listed spot bitcoin exchange-traded funds (ETFs), setting a major precedent for the crypto industry and influencing similar developments globally. In April, Asia introduced its first spot cryptocurrency ETFs, with bitcoin and ether ETFs being listed in Hong Kong. The SEC is now in the process of approving spot ether ETFs, having already approved Form 14B-4 for eight issuers in May. The regulator is working with issuers on registration statements before these funds can launch.

SGX is under pressure from institutional investors and industry groups to attract listings of high-growth companies. The exchange grapples with challenges such as low liquidity and valuations, primarily due to a limited base of retail investors. Nevertheless, SGX has developed a robust Asian derivatives business and continues to be a global listing venue for real estate investment trusts. In the first half of its 2024 financial year, SGX reported a net profit of S$281.6 million ($208.70 million), a slight decrease of 1% from the previous year. By the end of June, SGX had 623 listed securities with a combined market value of S$792.93 billion.

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