of Singapore Exchange (SGX) The company’s chief executive officer, Loh Boon Chye, said there are no immediate plans to allow cryptocurrencies to be listed on its exchange. ReutersThey cite the lack of a mature ecosystem to support such a move as the reason.
Loh Boon Choi
When asked about the possibility of SGX starting to list cryptocurrencies during an interview at the Reuters NEXT conference, Lo said “not at the moment.”
He stressed that any new product launch needs the “support of a sustainable ecosystem”, highlighting the importance of demand, governance and structure.
Lo’s comments come despite a recent surge in interest in cryptocurrencies following the approval of a physical Bitcoin exchange-traded fund (ETF) in the United States and the launch of a similar product in Hong Kong.
The two biggest cryptocurrencies, Bitcoin and Ether, have seen huge price gains this year.
“Right now, I feel the Singapore ecosystem is not ready for such a product,” Loh said, but he added that “with time and the ecosystem coming together, it is by no means impossible.”
Facing pressure to attract more high-growth companies, SGX is focusing on building its Asian derivatives business and maintaining its position as a global listing venue for real estate investment trusts.
Low expressed optimism about the pipeline of initial public offerings (IPOs) and secondary listings.
As of the end of June, SGX had 623 listed securities with a combined market capitalisation of S$792.93 billion.
