SGX Clears CFTC Hurdle, Opens US Institutional Access to Crypto Derivatives

The Singapore Exchange (SGX) has cleared a major regulatory hurdle that will allow US institutional investors to trade its Bitcoin and Ether perpetual futures directly. This move is significant because it opens up new channels for American money to flow into Asian crypto markets.

According to the source, SGX obtained authorization from the U.S. Commodity Futures Trading Commission (CFTC) under Regulation 48.10, which allows foreign exchanges to give US participants direct access to their trading systems without setting up a separate fully regulated exchange in the US.

SGX's crypto perpetual futures have already seen significant trading volume since their launch in late November 2025, processing $5.8 billion in cumulative traded volume and around 400,000 lots. Bitcoin dominates activity, accounting for 66% of open interest and 83% of daily trading volume.

SGX uses margin calls and collateral top-ups instead of auto-liquidations when positions move against a trader, and excludes stablecoins as acceptable collateral. The exchange plans to launch dated futures and options for Bitcoin and Ether as its next product step.