The Singapore Exchange (SGX) has announced it does not plan to allow cryptocurrency listings in the near future. SGX CEO Loh Boon Chye shared this stance on July 9, emphasizing the need for better conditions before considering such listings.

While SGX currently supports the iEdge Bitcoin Index and the iEdge Ethereum Index, launched in 2020 in collaboration with CryptoCompare, it does not allow direct crypto listings. These indices track the prices of Bitcoin and Ethereum (ETH), but the exchange has yet to open its doors to crypto assets.

Singapore has recently become a popular hub for crypto ventures. As of last December, it attracted 11% of the total VC funding to crypto startups globally, making it one of the top destinations alongside Hong Kong. Despite this growth, SGX remains cautious about listing cryptocurrencies.

During an interview at the Next conference, Chye confirmed that the exchange would not support crypto listings anytime soon. He emphasized that sustainable ecosystem support, sufficient demand, effective governance, and a well-structured framework are essential for new product launches.

Chye’s cautious stance comes at a time when the cryptocurrency market is gaining significant institutional attention globally. The U.S. SEC approved spot Bitcoin ETFs in January after years of delay and has given partial approval to spot Ethereum ETFs. In April, Hong Kong also approved its first spot Bitcoin and Ethereum ETFs.

Interestingly, following the listing of spot Bitcoin ETFs in the U.S., the Monetary Authority of Singapore (MAS) cautioned investors against investing in these products. Despite this, the ETFs have performed well, with over $14 billion in net inflows.

However, Chye argued that the current ecosystem in Singapore is not prepared for such products. While SGX is known for its innovation, the right conditions must be in place before moving forward with crypto listings. Chye stressed that with time, the exchange might consider the move.

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