As part of a partnership with UK-based cryptocurrency benchmarking site CryptoCompare, Singapore Stock Exchange SGX has added two crypto indices to the SGX iEdge index suite: the iEdge Bitcoin Index and the iEdge Ethereum Index. A listing on the Singapore Stock Exchange will allow investors to track the prices of Bitcoin and Ethereum, which rank first and second in terms of market capitalization, respectively.
The Central Bank and Monetary Authority of Singapore are still working on ways to regulate cryptocurrency – work on a cryptocurrency location in Singapore regulation is still in progress. However, the new SGX indices could help financial institutions to legally create crypto products when the dust settles.
Recall that in early 2020, Singapore enacted a policy requiring cryptocurrency exchanges to obtain a license, although in March it allowed some crypto companies, including Binance, Coinbase and Gemini, to operate in the country for six months without them.
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