Singapore's main derivatives exchange will launch two new cryptocurrency futures products this month, citing growing institutional interest in digital assets.
SGX Derivatives will introduce perpetual futures for Bitcoin (BTC) and Ethereum (ETH), a type of financial derivative contract that allows investors to bet on the spot price of the underlying asset without an expiration date.
In a statement on Monday, SGX announced the launch of new trading products to meet what it described as "the growing institutional demand for cryptocurrencies, bridging traditional finance and the crypto-native ecosystem."
The perpetual contracts will begin trading on November 24. Perpetual futures are among the most actively traded crypto derivatives globally and could become a significant new revenue source for SGX.
These contracts will allow qualified and professional investors to trade exposure to the underlying assets without an expiration date. The product will be regulated by the Monetary Authority of Singapore (MAS).
This marks the second set of Bitcoin and Ethereum-based perpetual futures launched in Singapore. The first set was introduced by EDXM International on July 23, comprising a total of 44 trading products, including Solana (SOL) and Ripple (XRP) futures contracts, according to EDXM's announcement.
Singapore has maintained a cautious regulatory stance as it expands its digital asset framework.
In April 2022, Singapore passed the Financial Services and Markets Act (FSM), granting MAS greater powers to regulate crypto companies operating outside Singapore but headquartered in Singapore.
MAS previously set a deadline of June 30 for local crypto service providers to cease offering digital token (DT) services to overseas markets.
Under this directive, companies or individuals registered in Singapore must stop operations or obtain a license if they provide DT services abroad before the DTSP terms take effect.
Companies that violate the regulations could face fines of up to SGD 250,000 (USD 200,000) and imprisonment for up to three years.
Cryptocurrencies are legal in Singapore but are not considered legal tender. Instead, they are classified as digital payment tokens (DPT), securities, or utility tokens based on their characteristics.
According to data compiled by blockchain analytics firm Chainalysis, Singapore ranks 15th in the global cryptocurrency adoption index.
Related: Documents show Harvard University triples its stake in BlackRock's Bitcoin (BTC) ETF
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