SINGAPORE (Reuters) – Singapore Alternate (OTC:) (SGX) has no rapid plans to permit cryptocurrency listings on its bourse, CEO Loh Boon Chye stated on Tuesday, including that circumstances are nonetheless not ripe for such a transfer.
Talking in an interview at the Reuters NEXT convention in Singapore, Loh stated “not at the moment”, when requested whether or not SGX could be open to crypto listings.
“I think for any new product launches, it’s important for this to have a sustainable ecosystem support,” he stated. “That really means demand, that really means governance, that really means structure.”
The U.S. Securities and Alternate Fee’s approval this 12 months of U.S.-listed spot bitcoin alternate traded funds (ETFs) marked a watershed second for the crypto business and triggered comparable strikes globally.
Asia received 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 12 months, 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,” stated 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 beneath strain from institutional buyers and business teams to enhance what has been a persistent problem to draw listings of high-growth corporations.
Hamstrung by a small base of retail buyers, 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 stated “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 stated.
The group posted internet revenue of S$281.6 million ($208.70 million) within the first half of its 2024 monetary 12 months, a fall of 1% from the identical interval a 12 months 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})
