- MAS issues caution to Singaporean retail investors on spot Bitcoin ETFs post U.S. approval.
- Spot Bitcoin ETFs not approved as eligible assets for collective investment schemes (CIS) by MAS.
- Regulatory landscape in Singapore may evolve following recent SEC approvals in the U.S.
- South Korea restricts domestic brokers from offering spot Bitcoin ETFs abroad, evaluating crypto regulations.
The Monetary Authority of Singapore (MAS) has issued a warning to retail investors against acquiring spot Bitcoin exchange-traded funds (ETFs) in the wake of recent U.S. approvals. Responding to queries from CNA, MAS emphasized that spot Bitcoin ETFs lack approval as eligible assets for collective investment schemes (CIS) in Singapore, cautioning retail investors against their trading.
Regulatory Dynamics Amid U.S. Approvals
The regulatory landscape in Singapore might undergo changes given the recent approvals granted by the U.S. Securities and Exchange Commission (SEC) for spot Bitcoin ETFs. This follows a global trend, as evidenced by South Korea, where regulators prohibited domestic brokers from offering spot Bitcoin ETFs overseas, citing potential violations of existing government stances on virtual assets. Despite the ban, South Korea’s Financial Services Commission hinted at the possibility of revisiting its crypto regulation stance.
As reported earlier, the SEC greenlit all applicants for spot Bitcoin ETFs. However, SEC Chair Gary Gensler clarified that approval did not constitute an endorsement of Bitcoin. Gensler urged caution among investors, emphasizing the multitude of risks associated with Bitcoin and related products.