Singapore Exchange (SGX) CEO Loh Boon Chye stated at the Reuters NEXT conference in Singapore that SGX does not currently have any immediate plans to allow cryptocurrency listings on its exchange. He emphasized that the conditions necessary to support such listings, including sustainable ecosystem support in terms of demand, governance, and structure, are not yet in place.
Loh acknowledged the significant developments globally, such as the approval of U.S.-listed spot bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission, which have had a profound impact on the crypto industry. Despite these advancements and the introduction of spot cryptocurrency ETFs in Asia, including Hong Kong, Loh indicated that the ecosystem in Singapore is not currently prepared for such products.
He left open the possibility for future developments, stating, “You never say never, as time evolves, and as the ecosystem comes together, we are always known to be the most innovative exchange or platform in the world.”
SGX has been focusing on improving its ability to attract listings of high-growth companies amid challenges such as low liquidity and valuations. Loh highlighted a healthy pipeline of IPOs and secondary listings as strategies to enhance SGX’s attractiveness as a listing venue.
In summary, while SGX is not pursuing cryptocurrency listings at present due to perceived ecosystem readiness issues, Loh hinted at ongoing evolution and innovation in the exchange’s approach to new products and listings.
