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<div class="intro-text">
 Loh Boon Chye, CEO of the Singapore Exchange (SGX), has stated that the exchange has no immediate plans to allow cryptocurrency listings on its platform. 
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In a r<a style="color: #0000ff;" href="https://www.reuters.com/business/finance/sgx-has-no-immediate-plans-allow-crypto-listings-ceo-says-2024-07-09/#:~:text=SINGAPORE%2C%20July%209%20(Reuters),ripe%20for%20such%20a%20move." rel="noopener noreferrer nofollow">ecent interview with Reuters</a>, Loh emphasized that the current conditions are not suitable for such a move.
When asked about the potential timeline for cryptocurrency listings, Loh stressed the importance of having a sustainable ecosystem to support new product launches. He elaborated that this ecosystem requires demand, governance, and structure, elements he believes are not yet in place for crypto products in Singapore.
“You never say never,” Loh added, leaving the door open for future possibilities as the ecosystem evolves. He affirmed SGX’s reputation as one of the world’s most innovative exchanges.
Notably, SGX faces pressure from institutional investors and industry groups to address its ongoing challenge of attracting high-growth company listings. The exchange has struggled with low liquidity and valuations, partly due to a limited retail investor base.
The firm reported a net profit of<a style="color: #0000ff;" href="https://www.businesstimes.com.sg/companies-markets/sgx-posts-1-lower-h1-profit-s2816-million#:~:text=THE%20Singapore%20Exchange%20(SGX)%20on,cent%20to%20S%24344.6%20million." rel="noopener noreferrer nofollow"> S$281.6 million</a> (~$208.70 million) within the first half of this year, a 1% decline from the same time frame of the previous year. Notably, the SGX had 623 listed securities and had a combined market value of S$792.93 billion.
In response to questions about plans to revive initial public offerings (IPOs), Loh noted that the exchange has a “healthy pipeline” that includes secondary listings and new IPOs, with some companies preparing for simultaneous dual listings.
Loh’s comments follow a series of recent regulatory changes in the digital asset sector in Singapore. In April 2024, the Monetary Authority of Singapore (MAS) <a style="color: #0000ff;" href="https://defi-planet.com/2024/04/singapores-mas-tightens-user-protection-regulations-on-crypto-payment-services/" rel="noopener noreferrer nofollow">expanded </a>its digital asset regulations to include custody of virtual tokens and more fintech companies, aiming to establish an institutional hub for the crypto industry while protecting end-user interests.
Additionally, in May 2024,<a style="color: #0000ff;" href="https://defi-planet.com/2024/05/deutsche-bank-joins-singapores-central-bank-project-to-explore-asset-tokenization-and-defi/" rel="noopener noreferrer nofollow"> Deutsche Bank announced its partnership with MAS on Project Guardian</a>, an initiative exploring asset tokenization in institutional funding markets and decentralized finance (DeFi) applications. This multi-year project involves global policymakers and financial industry representatives, focusing on leveraging blockchain technology for efficient management of tokenized and digital funds.
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The post <a href="https://defi-planet.com/2024/07/singapore-exchange-sgx-not-ready-for-crypto-listings-ceo-says/" rel="noopener noreferrer nofollow">Singapore Exchange (SGX) Not Ready for Crypto Listings, CEO Says</a> appeared first on <a href="https://defi-planet.com" rel="noopener noreferrer nofollow">DeFi Planet</a>.

Singapore Exchange (SGX) Not Ready for Crypto Listings, CEO Says

DeFi Planet

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