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

Low Boon Chye, CEO of the Singapore Exchange (SGX), said: exchange SGX has no plans to allow cryptocurrency listings at this time. Asked in an interview at the Reuters Next conference in Singapore whether SGX is open to cryptocurrency listings, Lo replied “not at this time.” He stressed the need for caution and a strong regulatory framework before considering integrating digital assets into SGX’s services.

Despite growing global interest in cryptocurrencies, Lo noted several concerns that need to be addressed to ensure market stability and investor protection. He expressed the view that Singapore’s current ecosystem is not ready to accommodate such products. “At present, we feel that the Singapore ecosystem is not ready to accept such products.” He said

Industry experts say SGX’s cautious approach is in line with a broader trend among large financial institutions to carefully assess the risks involved with digital assets before fully embracing them. The decision is seen as a move to preserve market integrity and avoid the potential pitfalls that come with premature cryptocurrency listings.

While SGX continues to monitor the evolving digital asset landscape, Lo suggested the exchange is open to future possibilities provided regulatory clarity and investor protections are in place.. “Never say never. As time evolves and the ecosystem comes together, we will always be known as the most innovative exchange and platform in the world.” He concluded.

Singapore Singapore Exchange (SGX) is Asia’s leading and trusted securities and derivatives market infrastructure, providing listing, trading, clearing, settlement, custody and data services across a wide range of asset classes. With a focus on innovation and market integrity, SGX plays a vital role in Singapore’s financial ecosystem.

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