The Singapore Exchange (SGX) has announced the listing of the first-ever cryptocurrency indices: the iEdge Bitcoin Index and the iEdge Ethereum Index. The news is published in the SGX press release.
Index support has been added as part of SGX’s partnership with crypto-market data provider CryptoCompare. The data of a company is verified by regulators. Now any Singaporean company that wants to create a product or investment instrument based on Bitcoin or Ethereum can verify the exact value of assets.
“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,” said James Harris, Commercial Director of CryptoCompare.
Despite the rise in popularity of cryptocurrencies in Singapore, the country’s Central Bank and Monetary Authority are still working to regulate the industry. According to Decrypt, the new SGX indices will help financial institutions create cryptocurrency products when the authorities decide on the basic rules for regulating the industry.
Recall that in April, the Singapore Internal Revenue Authority exempted from taxes the cryptocurrency obtained as a result of home solo mining, and coins obtained as a result of hard forks and free airdrops.