Singapore Exchange wins CFTC approval to offer crypto perpetual futures to US institutions

The Singapore Exchange just became the first major Asian bourse to crack open its crypto perpetual futures market to US institutional money. SGX received authorization from the US Commodity Futures Trading Commission under Regulation 48.10, a pathway that lets US institutions trade on a foreign exchange without that exchange having to register domestically. The practical effect: American hedge funds, asset managers, and proprietary trading firms will soon be able to tap directly into Asian crypto liquidity pools from their existing setups. No new exchange memberships, no offshore entity gymnastics. Just onboarding through SGX’s current clearing members, which is expected to take two to four weeks, with live trading access following within one to two months. What SGX is actually offering The products in question are Bitcoin perpetual futures (BTP) and Ether perpetual futures (ETP), contracts that never expire and instead use periodic funding rates to keep prices tethered to the spot market. The difference here is that SGX wraps these instruments in the full infrastructure of a regulated securities exchange: traditional margin calls, collateral top-ups, and central clearing. One nota...