The Singapore Exchange (SGX) announced the listing of its first-ever cryptocurrency indices: the iEdge Bitcoin Index and the iEdge Ethereum Index. This was stated in a press release.
Support for the indices was added as part of SGX’s partnership with the cryptocurrency data provider CryptoCompare, whose data are vetted by regulators. Now any Singaporean company seeking to create a product or investment instrument based on Bitcoin or Ethereum can verify the precise value of the assets.
“Our mission is to provide greater transparency for the class of digital assets, delivering high-quality, reliable data and indices,” said James Harris, Commercial Director at CryptoCompare.
Despite the growing popularity of cryptocurrencies in Singapore, the Monetary Authority of Singapore (MAS) is still working on regulating the sector. As Decrypt reports, SGX’s new indices will assist financial institutions in creating crypto products once authorities settle on the industry’s core regulatory rules.
As noted earlier, in April the Inland Revenue Authority of Singapore exempted cryptocurrency mined from home solo mining, and coins obtained from hard forks and free airdrops, from taxes.
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