SINGAPORE (Reuters) – Singapore Change (OTC:) (SGX) has no rapid plans to permit cryptocurrency listings on its bourse, CEO Loh Boon Chye mentioned on Tuesday, including that situations are nonetheless not ripe for such a transfer.
Talking in an interview at the Reuters NEXT convention in Singapore, Loh mentioned “not at the moment”, when requested whether or not SGX can be open to crypto listings.
“I think for any new product launches, it’s important for this to have a sustainable ecosystem support,” he mentioned. “That really means demand, that really means governance, that really means structure.”
The U.S. Securities and Change Fee’s approval this yr of U.S.-listed spot bitcoin change traded funds (ETFs) marked a watershed second for the crypto trade and triggered related strikes globally.
Asia obtained its first spot cryptocurrency ETFs in April with the itemizing of six bitcoin and ether ETFs in Hong Kong.
Crypto ETF inflows have helped catapult bitcoin to document highs this yr, with the world’s largest crypto up practically 35% thus far. Ether has risen over 30% in the identical interval.
“The ecosystem, I feel, at this point in time, is not ready for such products in Singapore,” mentioned Loh.
“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 below strain from institutional traders and trade teams to enhance what has been a continual problem to draw listings of high-growth corporations.
Hamstrung by a small base of retail traders, SGX has grappled with low liquidity and valuations. It has constructed up an Asian derivatives enterprise and stays a worldwide itemizing venue for actual property funding trusts.
In response to a query on how SGX plans to revive preliminary public choices (IPOs), Loh mentioned “we have a healthy pipeline”.
“Secondary listings is one way where companies get exposure – we have that in the pipeline. We have new IPOs, some companies are really now preparing, and … we’re going to have a simultaneous dual listing,” he mentioned.
The group posted web revenue of S$281.6 million ($208.70 million) within the first half of its 2024 monetary yr, a fall of 1% from the identical interval a yr earlier. As of end-June, SGX had 623 listed securities with a mixed market worth of S$792.93 billion.
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($1 = 1.3493 Singapore {dollars})
