MAS advises investors to exercise caution when purchasing spot Bitcoin ETFs
The Monetary Authority of Singapore (MAS) has issued a warning to retail investors in Singapore regarding the purchase of spot Bitcoin exchange-traded funds (ETFs), following the recent approval of such funds in the United States. In response to inquiries from CNA, MAS has released a cautionary statement advising individuals to exercise caution when engaging in the trading of these products in international markets. MAS emphasizes that spot Bitcoin ETFs have not been approved as eligible assets for collective investment schemes (CIS).
Singapore’s regulatory stance on cryptocurrency may be subject to change in light of recent approvals by the US Securities and Exchange Commission (SEC) for these investment funds. In response to the SEC’s decision, South Korea’s regulator has prohibited domestic brokers from offering spot Bitcoin ETFs overseas, citing potential violations of the existing government position on virtual assets. Despite the ban, the South Korean Financial Services Commission has acknowledged the possibility of reviewing its position on cryptocurrency regulation, although no specific details have been provided.
As previously reported by crypto.news, the SEC has granted approval to all applicants for spot Bitcoin ETFs. Shortly after the approval, SEC Chair Gary Gensler stated that the agency did not endorse or approve Bitcoin, and investors should exercise caution due to the various risks associated with Bitcoin and crypto-related products.
Read more: Hong Kong and Singapore experience an increase in cryptocurrency venture capital funding. Follow Us on Google News.
