The Singapore Exchange (SGX) currently has no plans to list cryptocurrencies, according to CEO Loh Boon Chye. Speaking at the Reuters NEXT conference in Singapore, Loh emphasized that the conditions are not yet suitable for such a move. When asked about the possibility of crypto listings, Loh responded, “not at the moment.”
“For any new product launches, it’s important to have a sustainable ecosystem support,” Loh elaborated. “That means demand, governance, and structure.”
Despite the U.S. Securities and Exchange Commission’s recent approval of U.S.-listed spot bitcoin exchange traded funds (ETFs) marking a significant milestone for the crypto industry, Loh believes the ecosystem in Singapore isn’t ready yet. Earlier this year, Asia saw its first spot cryptocurrency ETFs with six bitcoin and ether ETFs listed in Hong Kong.
Crypto ETF inflows have driven bitcoin to record highs, with the cryptocurrency up nearly 35% this year, and ether rising over 30%. However, Loh insists that “the ecosystem, at this point in time, is not ready for such products in Singapore.”
Nonetheless, he remains open to future developments. “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,” Loh said.
SGX faces ongoing pressure from institutional investors and industry groups to attract high-growth company listings. The exchange has struggled with low liquidity and valuations, partly due to its small base of retail investors. To address this, SGX has expanded its Asian derivatives business and continues to be a global listing venue for real estate investment trusts.
Addressing questions about reviving initial public offerings (IPOs), Loh mentioned a “healthy pipeline” of potential listings. “Secondary listings is one way where companies get exposure. We have new IPOs, and some companies are preparing for a simultaneous dual listing,” he said.
SGX reported a net profit of S$281.6 million ($208.7 million) in the first half of its 2024 financial year, a 1% decline from the same period last year. As of the end of June, SGX had 623 listed securities with a combined market value of S$792.93 billion.
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