After receiving clearance from the United States, the Monetary Authority of Singapore has issued a warning to ordinary investors, advising them not to purchase spot Bitcoin exchange-traded funds (ETFs).
Following the recent licensing of exchange-traded funds (ETFs) for spot Bitcoin in the United States, the Monetary Authority of Singapore (MAS) has issued a warning to ordinary investors in Singapore to refrain from acquiring such products.
In response to questions from CNA, the Malaysian Securities Authority (MAS) issued a warning statement for persons who are contemplating partaking in the trading of these products in overseas markets. The statement emphasized that spot Bitcoin exchange-traded funds (ETFs) have not been certified as potentially acceptable assets for collective investment schemes (CIS).
Considering the recent permissions granted by the Securities and Exchange Commission (SEC) of the United States for these investment funds, it is possible that Singapore’s regulatory attitude on cryptocurrency would shift later on.
Following the action taken by the SEC, the South Korean regulator prohibited local brokers from marketing spot Bitcoin exchange-traded funds (ETFs) overseas. The reason given was that there was a possibility of violating the government’s current position on virtual assets. Despite the prohibition, the Financial Services Commission of South Korea recognized the potential of reevaluating its position on cryptocurrency regulation. However, they did not provide any precise specifics regarding this possibility.
The Securities and Exchange Commission (SEC) has granted permission to all applications for spot Bitcoin exchange-traded funds (ETFs), as was reported previously by crypto.news. Shortly after the Securities and Exchange Commission (SEC) gave its approval to a number of exchange-traded funds (ETFs), the Chair of the SEC, Gary Gensler, issued a statement in which he stated that despite the approval, the agency “did not approve or endorse Bitcoin.” He also added that investors “should remain cautious about the myriad risks associated with Bitcoin and products whose value is tied to crypto.”