Singapore Exchange Closes Door On Cryptocurrencies, States No Immediate Plans For Listings

Singapore Exchange (SGX) CEO Loh Boon Chye has announced that the exchange currently has no immediate plans to allow cryptocurrency listings. Speaking during an interview at the Reuters Next conference in Singapore, Mr. Loh responded with “not at the moment” when asked about SGX’s openness to crypto listings. He emphasized the need for caution and robust regulatory frameworks before considering the integration of digital assets into SGX’s offerings.

Despite the growing global interest in cryptocurrencies, Loh highlighted several concerns that need to be addressed to ensure market stability and investor protection. Mr. Loh expressed his view that the current ecosystem in Singapore is not prepared for such products. “The ecosystem, I feel, at this point in time, is not ready for such products in Singapore,” he stated

Industry experts have noted that SGX’s cautious approach aligns with the broader trend among major financial institutions, which are carefully evaluating the risks associated with digital assets before fully embracing them. The decision is seen as a move to maintain market integrity and avoid potential pitfalls associated with premature cryptocurrency listings.

While SGX continues to observe the evolving landscape of digital assets, Loh indicated that the exchange is open to future possibilities, provided that regulatory clarity and investor safeguards are firmly in place. “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’, he concluded.

Singapore Exchange (SGX) is Asia’s leading and trusted securities and derivatives market infrastructure. It provides listing, trading, clearing, settlement, depository, and data services, catering to a broad range of asset classes. With a commitment to innovation and market integrity, SGX plays a vital role in Singapore’s financial ecosystem.