Singapore Exchange (SGX) becomes the first Asian trading platform to sell cryptocurrency perpetual c

CFTC Regulation 48.10 comes into effect: Singapore exchanges are allowed to sell crypto derivatives directly to U.S. institutions without the need for offshore brokers

The first Asian exchange to be licensed to sell crypto derivative contracts directly to U.S. companies

for cash settlement, does not accept stablecoins as collateral, and never triggers the automatic clearing mechanism. It is expected that the U.S. customer account opening process will start within one to two months.

The Singapore Exchange (SGX) has been authorized by the U.S. Commodity Futures Trading Commission (CFTC) to provide Bitcoin and Ethereum perpetual contracts directly to U.S. institutional investors. The move opens up a regulatory channel that did not previously exist between Wall Street trading desks and Asian derivatives liquidity. The license is based on CFTC Regulation 48.10, which gives the Singapore Exchange the status of a "Foreign Board of Trade" and direct electronic access. This means that U.S. trading companies can now have direct access to these contracts without having to forward orders through offshore brokers or register a separate domestic entity. Prior to this, no Asian exchange was allowed to serve U.S. institutions in this way.

Offshore middlemen disappear from transactions

A perpetual contract is a derivative with no fixed maturity date that allows traders to hold leveraged positions indefinitely as long as the margin is sufficient. Before the ruling, U.S. funds seeking to trade the Singapore Exchange version of products faced a wall: Because the exchange is located outside U.S. jurisdictions, access to its services meant going through offshore intermediaries or completing domestic registration procedures that are difficult to complete in a few foreign locations.

Regulation 48.10 changes this situation. The "Overseas Exchange" framework allows the CFTC to recognize that non-U.S. exchanges are fully regulated in their home country-in this case, the Monetary Authority of Singapore (MAS)-and provide transaction access directly to eligible U.S. participants. KC Lam, head of crypto derivatives at Singapore Exchange Group, said the license "legalizes crypto derivatives as a regulated asset class."

At the time of Washington's approval, there were already US$5.8 billion in positions

These products existed before this approval. The Singapore Exchange listed these products at the end of November 2025, so when the CFTC signed the approval, the business had a solid trading record for nearly a year. The license came into effect on September 10, when the Bitcoin price was close to $78,000.

• Cumulative trading volume: US$5.8 billion (About 400,000 lots, November 2025 to August 2026)
• Average daily trading volume: US$1.9 billion (About 1,300 lots, August 2026 data)
• Busy period in history: US$145 million (11,500 lots)
• Market share: Bitcoin accounts for 83% of daily trading volume/66% of open contract value

Bitcoin dominates. Open Interest (the total value of contracts held rather than the portion closed) shows the same tilt, with two-thirds being BTC and one-third being ETH. This reflects the institutional trading desk's positioning of both: Bitcoin is the core position and Ethereum is the secondary position.

No stablecoin collateral, no algorithm for forced liquidation

On many native crypto platforms, violent fluctuations trigger automatic deleveraging, that is, the platform engine forces the closure of profitable accounts to make up for positions with depleted margin. The Singapore Exchange does not operate such a mechanism. Its risk engine uses traditional margin calls and dynamic frameworks, designed for weekend price gaps and concentration risks, the same tools behind traditional futures.

Rejecting stablecoins means more than it appears. For contracts settled in US dollars based on a given index, funds deposited with cash will never have access to tokens that require their endorsement pegging. For compliance teams in pension, asset management companies and corporate comptroller's departments, this eliminates a standard ground of objection.

Why the first batch of funds will be available in a few months, rather than on the day of announcement

Although the door was open, U.S. funds did not flow on the day of announcement. American Clearing members will start the onboardng process for corporate customers in the next 1 to 2 months. Each fund still needs to complete routine back-office work: API connection, Know Your Customer (KYC) check and funding arrangements, which takes 2 to 4 weeks for each entity. Large institutions rarely take the lead. Early trading volume will come from a small number of active trading desks, before participation will gradually expand.

Two camps compete for the same demand for regulated perpetual contracts

Singapore Exchange (SGX)·Singapore
CFTC Section 48.10 direct access. Institution-level BTC and ETH perpetual contracts settled in US dollar cash.

Coinbase ·Domestic perpetual contract approved by the United States
CFTC. The first domestic venue to obtain a global sustainable trading license.

Kraken / Bitnomial ·United States
Bitnomial was acquired for up to US$550 million. Launch a regulated crypto perpetual contract in the United States.

Bybit / Bitget ·Offshore
Traditional financial extension of crypto collateral. It is expanding to foreign exchange and real-world asset (RWA)/equity perpetual contracts.

The combination of Coinbase and Kraken-Bitnomial builds perpetual contracts on a domestic basis within the U.S. track, while Bybit and Bitget push outward from offshore into tokenized stocks and foreign exchange. The Singapore Exchange occupies a unique ecological niche, bringing Asian order books and existing institutional customer bases to the United States without having to relocate either party.

Real gains from U.S. trading desks

U.S. trading desks have received a cash settlement instrument denominated in U.S. dollars, priced based on a recognized index, and within a risk framework similar to listed futures. This sense of familiarity is the key: finance departments, which would never have filed stablecoin margins, can now gain Bitcoin and Ether exposure through their familiar structure, and orders from Asian and U.S. trading hours are pooled in one order book, rather than scattered across different jurisdictions.

The Singapore Exchange has planned the next steps. Once the perpetual contract fits in smoothly with U.S. customers, it plans to list forward contracts and options on both assets and then expand its infrastructure to other large Layer-1 tokens. This timetable is in line with the broader pace of Singapore construction. The Monetary Authority of Singapore is consulting on draft stablecoin rules, which were released on September 1. Feedback ends on October 16, requiring 100% reserve backing and redemption at face value. Venture capital and equity financing for Southeast Asian blockchain companies rebounded to US$680 million in 2026, compared with US$319 million the previous year, although a single round of US$400 million financing from Crypto.com accounted for nearly 60% of the total. Singapore anchors the regional ecosystem, historically accounting for 82.5% of the US$6.2 billion raised in Southeast Asia. Even if Indonesia and Thailand introduce crypto transaction taxes and withholding taxes, the Singapore Revenue Authority still maintains a 0% capital gains tax treatment on long-term holdings. This disagreement will determine where the next round of Asian derivatives trading volume will be credited.