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SINGAPORE (Reuters) – Singapore Change (OTC:) (SGX) has no rapid plans to permit cryptocurrency listings on its bourse, CEO Loh Boon Chye mentioned 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 mentioned “not in the mean time”, when requested whether or not SGX can be open to crypto listings.
“I believe for any new product launches, it is necessary for this to have a sustainable ecosystem assist,” he mentioned. “That actually means demand, that basically means governance, that basically means construction.”
The U.S. Securities and Change Fee’s approval this 12 months of U.S.-listed spot bitcoin alternate traded funds (ETFs) marked a watershed second for the crypto trade and triggered related strikes globally.
Asia acquired 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 file highs this 12 months, with the world’s largest crypto up almost 35% thus far. Ether has risen over 30% in the identical interval.
“The ecosystem, I really feel, at this time limit, shouldn’t be prepared for such merchandise in Singapore,” mentioned Loh.
“You by no means say by no means, as time evolves, and because the ecosystem comes collectively, we’re at all times identified to be essentially the most progressive alternate or platform on the earth.”
SGX has been below stress from institutional buyers and trade teams to enhance what has been a continual 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 world itemizing venue for actual property funding trusts.
In response to a query on how SGX plans to revive preliminary public choices (IPOs), Loh mentioned “now we have a wholesome pipeline”.
“Secondary listings is a method the place corporations get publicity – now we have that within the pipeline. We have now new IPOs, some corporations are actually now getting ready, and … we’ll have a simultaneous twin itemizing,” he mentioned.
The group posted web 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})
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