The Singapore Exchange has cleared a regulatory path for American trading desks to access its Bitcoin and Ether perpetual futures, marking the first time U.S. institutions can trade crypto derivatives listed on an Asian exchange without a separate domestic registration.

The U.S. Commodity Futures Trading Commission granted the authorization under Regulation 48.10, a provision that lets a recognized Foreign Board of Trade offer qualifying U.S. participants direct access to its electronic trading system. That means SGX can open its existing order books to eligible American institutions without creating new U.S. listings or registering the Singapore venue as a domestic exchange.

“Under the Regulation 48.10 ruling, we have obtained CFTC…