Singapore Exchange has received Commodity Futures Trading Commission authorization under Regulation 48.10 to provide eligible US institutions direct access to its Bitcoin and Ether perpetual futures. The Foreign Board of Trade approval allows SGX to open its Singapore-based electronic order books to qualifying American participants without creating US listings or registering as a domestic exchange. SGX launched the Bitcoin perpetual, BTP, and Ether perpetual, ETP, in late November 2025. The contracts have generated $5.8 billion in cumulative volume, or roughly 400,000 lots, with average daily volume reaching 1,300 lots worth $19 million as of August. Bitcoin accounted for 83% of average daily volume and 66% of open interest. US clients must complete onboarding through clearing members, including know-your-customer checks, account funding and API setup, a process SGX says typically takes two to four weeks. The exchange uses margin calls and collateral top-ups rather than automatic liquidations, does not accept stablecoins as collateral, and plans to add dated Bitcoin and Ether futures and options.