SGX Wins CFTC Approval for Bitcoin, Ethereum Futures: What’s Next for Prices?

SGX now lets U.S. traders directly access Bitcoin and Ethereum perpetual futures after winning CFTC approval under Regulation 48.10.

The Singapore Exchange has received approval from the U.S. Commodity Futures Trading Commission to give American institutions direct access to its Bitcoin and Ether perpetual futures. 

The green light comes under Regulation 48.10, a CFTC framework built for recognized foreign exchanges. SGX launched its BTP and ETP contracts in late November 2025.

Since then, the products have recorded $5.8 billion in cumulative traded volume. U.S. clearing members are now expected to begin onboarding clients within the next one to two months.

What Regulation 48.10 Changes for SGX

Regulation 48.10 lets a registered Foreign Board of Trade open its existing order books to U.S. participants without setting up a separate U.S. exchange.

SGX now qualifies under that framework. 

KC Lam, head of crypto derivatives at SGX Group, told CoinDesk the ruling means U.S. participants can now trade contracts that were previously off limits. Lam called the approval an important milestone. 

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