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Monetary Authority of Singapore Warns Against Spot Bitcoin ETFs for Retail Investors

The Monetary Authority of Singapore (MAS) has issued a cautionary statement, advising retail investors in the country against purchasing spot Bitcoin exchange-traded funds (ETFs). This warning comes in response to recent approvals granted by the U.S. Securities and Exchange Commission (SEC) for such investment products.

MAS, in a statement provided to CNA, emphasized that spot Bitcoin ETFs have not been approved as eligible assets for collective investment schemes (CIS) in Singapore. The regulatory body clarified that, based on its current stance, spot Bitcoin ETFs are not sanctioned by MAS for offering to retail investors.

The regulatory landscape surrounding cryptocurrency investments in Singapore might undergo changes, considering the recent approvals granted by the SEC for spot Bitcoin ETFs. This caution from MAS echoes similar sentiments expressed by regulators in other jurisdictions.

In response to the SEC’s approval, South Korea’s regulator took a firm stance by prohibiting domestic brokers from offering spot Bitcoin ETFs overseas. The decision was based on potential violations of existing government regulations on virtual assets. However, the Financial Services Commission in South Korea hinted at the possibility of reviewing its stance on cryptocurrency regulation without providing specific details.

As reported earlier, the SEC approved multiple spot Bitcoin ETFs, sparking discussions and cautions from regulators worldwide. Despite the regulatory green light, SEC Chair Gary Gensler emphasized in a statement that the agency did not endorse or approve Bitcoin. He further advised investors to exercise caution due to the various risks associated with Bitcoin and related products.

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