Singapore Exchange (SGX) has announced it does not plan to allow cryptocurrency listings soon.

SGX CEO Loh Boon Chye shared this stance on July 9, highlighting the need for better conditions before considering cryptocurrency listings.

Notably, SGX currently supports the iEdge Bitcoin Index and the iEdge Ethereum Index, which launched in 2020 in collaboration with CryptoCompare. Despite these funds tracking the prices of Bitcoin (BTC) and Ethereum (ETH), SGX does not allow crypto listings.

Moreover, Singapore has recently become one of the most attractive venues for crypto ventures. In addition to Hong Kong, Singapore attracted 11% of the total VC funding to crypto startups globally as of last December. Nonetheless, the increasing visibility of crypto has not impacted a positive decision from the SGX.

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

Chye’s pessimism comes at a time when the cryptocurrency market is garnering significant institutional attention globally. The U.S. SEC approved spot Bitcoin ETFs in January after years of delay, and has further 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), the country’s central bank, cautioned investors against investing in the products. Notably, the ETFs have massively outperformed expectations, with over $14 billion in net inflows.

However, Chye contended 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 could consider the move.