As Singapore takes a long time contemplating cryptocurrency regulation, a part of its financial sector has taken a significant step into the crypto world. According to a press release today, Singapore’s stock exchange, for the first time, is listing two cryptocurrency indices, Bitcoin and Ethereum, with plans to create more crypto indices.
The Singapore Exchange (SGX) will collaborate with CryptoCompare, a UK-based crypto market data provider, to launch the crypto indices under the SGX iEdge index suite. This index suite will include the iEdge Bitcoin Index and iEdge Ethereum Index.
The stock exchange is recognized in Asia as a leading and trusted market infrastructure, operating equity, fixed income, and derivatives markets to the highest regulatory standards. The exchange does more than provide services on listing, trading, clearing, settlement, depository, and data services. It provides commodities and currency derivatives products.
The new crypto index would help to track and verify the prices of Bitcoin and Ethereum, the first and second-largest cryptocurrencies by market cap, respectively. This information would help both Singapore investors and businesses that are interested in creating a product or investment vehicle around Bitcoin or Ethereum.
Commenting on the driving force behind the partnership and what it would accomplish, Simon Karaban, Head of Index Services at SGX, said,
As the world moves swiftly towards digitalization in the creation and accumulation of wealth, digital assets are increasingly being adopted by investors. We are excited about this collaboration with CryptoCompare to offer a suite of new indices for market participants in Asia, reinforcing our endeavor to innovate and meet market needs.
The Commercial Director of CryptoCompare, James Harris, expressed their enthusiasm as the partnership would offer investors a gateway to the crypto industry.
“Our mission is to bring greater transparency to the digital asset class by providing high quality, trusted data, and indices. We are delighted to work in partnership with SGX to offer greater global access to institutional-grade digital assets products on Asia’s leading multi-asset exchange,” Harris said.