The Singapore Exchange (SGX) plans to list Bitcoin permanent futures, targeting institutional and professional investors.

A spokesperson for SGX confirmed the news when asked Monday (March 10). SGX expects to launch a permanent Bitcoin futures contract in the second half of the year.

“SGX Group is at the forefront of the booming international institutional crypto market with its permanent futures contracts. In this area where confidence and credibility are extremely demanding, our launch of innovative products based on a reliable and regulated platform will greatly expand institutional market access. While this product still requires proper regulatory procedures, the initial feedback from both Decentralized Finance (DeFi) and TradFi (TradFi) participants in the product are very positive.”

Traditional exchanges are further expanding Bitcoin derivatives. In addition to the United States actively promoting such digital assets, according to a report by Bloomberg on March 4, the Osaka Dojima Exchange of Japan is planning to seek approval to list Bitcoin futures.

The Bitcoin futures product planned by the SGX is still waiting for approval from the Monetary Authority of Singapore (MAS).

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Permanent futures are futures contracts without expiration dates that allow traders to bet on price changes in the benchmark assets without having to own the relevant assets.