The Monetary Authority of Singapore has warned retail investors against buying spot Bitcoin ETFs following U.S. approval.
The Monetary Authority of Singapore (MAS) has cautioned retail investors in the country against purchasing spot Bitcoin exchange-traded funds (ETFs) following the recent approval of such funds in the U.S.
MAS, in response to inquiries from CNA, issued a cautionary statement for individuals considering engaging in the trading of these products in international markets, emphasizing that spot Bitcoin ETFs have not been approved as eligible assets for collective investment schemes (CIS).
“Given this, spot Bitcoin ETFs are not approved by MAS for offer to retail investors.”
The Monetary Authority of Singapore
The regulatory stance of Singapore on crypto might change in light of recent approvals by the U.S. Securities and Exchange Commission (SEC) for these investment funds.
Following the SEC’s move, South Korea’s regulator barred domestic brokers from offering spot Bitcoin ETFs overseas, citing potential violations of the existing government stance on virtual assets. Despite the ban, South Korea’s Financial Services Commission acknowledged the possibility of reviewing its stance on crypto regulation, without providing specific details.
As crypto.news reported earlier, the SEC granted approval to all applicants for spot Bitcoin ETFs. Shortly after the SEC approved multiple ETFs, SEC Chair Gary Gensler said in a statement that despite the green light, the agency “did not approve or endorse Bitcoin,” adding that investors “should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto.”