The Singapore Exchange (SGX) plans to list Bitcoin (BTC) perpetual futures later this year, marking a significant move for traditional exchanges entering the digital asset market. This move follows the trend of traditional exchanges embracing cryptocurrency products to cater to institutional investors.
SGX will offer these futures in the second half of 2025, with the product being exclusively available to professional investors and institutions. This is in line with Singapore’s regulatory framework, which restricts retail investors from accessing complex financial products due to the high risk involved.
What Are Bitcoin Perpetual Futures?
Perpetual futures are a type of futures contract that doesn’t have an expiration date, unlike traditional futures. Traders can hold positions indefinitely, and exchanges implement a funding mechanism where short traders pay a fee if the price rises, and vice versa. These contracts have gained popularity in the cryptocurrency space, particularly on major exchanges such as Binance and BitMEX. However, institutional investors have been cautious about entering the market due to its lack of regulation and the volatility of digital assets.
SGX’s reputation as Singapore’s largest exchange and the second largest in ASEAN is expected to attract institutional traders who have been hesitant about the loosely regulated cryptocurrency market. The exchange believes that offering these products on a trusted and regulated platform will provide greater access to institutional market participants.
Growing Competition in Singapore’s Crypto Futures Market
The move by SGX comes as two other traditional platforms—EDX Global and AsiaNext—have already launched similar Bitcoin perpetual futures offerings in Singapore. EDX Global, backed by Fidelity Digital Assets and Citadel Securities, has been catering to the institutional market, while AsiaNext, supported by Japan’s SBI and Switzerland’s SIX exchange group, has targeted the same audience with its “safe venue for exposure to digital assets.”
These efforts highlight the growing institutional interest in cryptocurrency, as traditional exchanges work to bridge the gap between traditional finance and the digital asset world.
Tel Aviv Stock Exchange Eyes Distributed Ledger Technology (DLT) Upgrade
The Tel Aviv Stock Exchange (TASE), Israel’s sole public securities market, is embarking on a significant system upgrade with a focus on integrating distributed ledger technology (DLT) and artificial intelligence (AI). This move is aimed at enhancing the efficiency, accessibility, and security of its operations.
TASE has launched a public consultation to gather input on its proposed upgrades to its clearing and settlement systems. The exchange aims to leverage DLT to increase operational efficiency, handle larger volumes of transactions, and provide enhanced security.
TASE’s Use of DLT and Future Plans
TASE’s adoption of DLT follows a trend set by other major exchanges, such as Borse Stuttgart and the SIX Swiss Exchange. Three years ago, TASE began exploring tokenized government bonds to improve accessibility for retail investors. The exchange has also expressed its intention to use blockchain for tokenization, liquidity access, staking, payments, and other interoperability solutions.
By embracing these technologies, TASE hopes to bolster its competitiveness in the global financial market and provide more robust solutions for clearing and settlement processes. CEO Ittai Ben-Zeev has emphasized the exchange’s commitment to developing innovative blockchain systems for smaller exchanges as well.
A Cautious Approach to Blockchain Integration
However, the adoption of blockchain and DLT in traditional exchanges has not always been smooth. The Australian Securities Exchange (ASX) encountered significant challenges when it attempted to overhaul its clearing and settlement system using blockchain technology, ultimately abandoning the project in 2022 after spending A$250 million ($157 million).
Despite these setbacks, TASE’s efforts to integrate DLT reflect a growing trend among traditional exchanges to modernize their systems, enhance security, and offer new solutions to meet the demands of the digital asset space.
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