Last week, one of our trainers, Jun Hao, had a interesting time listening to Mr Loh Boon Chye, CEO of SGX (Singapore Exchange Limited). He spoke about how SGX functions in Singapore and what role it plays in the Singapore’s trading market. It was interesting to note that SGX not just list our own company from singapore but 30% in fact comes from international company from all over the world.
“Before he ended the presentation, we had a discussion on the future of the global and Singapore’s economy. I asked for his take on Bitcoin as Cryptocurrency was featured in one of his slides under “Future of SGX” together with artificial intelligence and blockchain technology.”
He said that SGX might potentially become a clearing house for Cryptocurrencies simply because the market capitalization of Bitcoin increased 5 folds from $40 billion to $200 billion this year. However, he also mentioned that due to the volatility in prices for bitcoin, it would take awhile before it will get listed on the SGX exchange.
However, we are seeing more and more countries taking on bitcoin and other cryptocurrencies into its exchanges and i believe it is a matter of time before Singapore would do the same.
Japan’s national government was one of the first to take action and their exchanges were required to provide annual audits and are subjected to “know your customer” anti-money laundering regulations. By regulating the currency, Japan has technically officially recognised bitcoin as a legal method of payment. That would definitely happen for Singapore once the Singapore Government is able to find a way to finally regulate these cryptocurrencies.
A listing on SGX will definitely give Bitcoin and crptocurrencies more “mainstream” status, and I think it is only a matter of time before that happens. Until then, stay tuned! 😀