Singapore’s leading derivatives exchange, SGX, announced it will launch two new cryptocurrency perpetual futures this month in response to increasing institutional interest. The new products Bitcoin BTC$95,337 and Ether ETH$3,183 allow investors to speculate on the spot price of the underlying assets without an expiration date.
In its Monday announcement, SGX highlighted the goal of bridging traditional finance (TradFi) and crypto-native markets. We are launching new trading products to meet rising institutional crypto demand, the exchange said.
Perpetual futures and regulatory oversight
Perpetual futures are among the most actively traded crypto derivatives globally and could represent a new revenue stream for SGX. Accredited and expert investors will be able to trade the contracts, which will be regulated by the Monetary Authority of Singapore (MAS).
This launch follows the first Bitcoin and Ether perpetual futures introduced in Singapore by EDXM International on July 23, which included additional derivatives like Solana (SOL$141.95) and XRP (XRP$2.26).
Singapore’s cautious but growing crypto adoption
Singapore has maintained a careful approach to crypto regulation while fostering digital asset innovation. Under the Financial Services and Markets Act (FSM) passed in April 2022, MAS gained authority over crypto firms operating domestically or targeting foreign markets. Firms offering digital token services abroad must now obtain a license or cease operations by set deadlines, facing fines up to SGD 250,000 ($200,000) or prison terms of up to three years for violations.
Cryptocurrencies in Singapore are legal but are not considered legal tender, instead classified as digital payment tokens, securities, or utilities depending on their functionality. Singapore ranks 15th globally in cryptocurrency adoption, according to Chainalysis.