Singapore Stands Against Listing Spot Bitcoin ETFs
Spot Bitcoin ETFs have recently gained approval from the U.S. Securities and Exchange Commission (SEC), attracting significant market attention.
On the other hand, the Monetary Authority of Singapore (MAS) has taken a different approach by disallowing the listing of spot Bitcoin ETFs for retail investors, citing the unsuitability of volatile cryptocurrency trading.
Despite these restrictions, retail investors in Singapore can still access overseas Spot Bitcoin ETFs through licensed intermediaries. The MAS-regulated Collective Investment Schemes for retail investors, under the Securities and Futures Act, currently exclude Bitcoin and digital tokens.
A MAS spokesperson emphasized the inappropriate nature of cryptocurrency trading for retail investors, advising caution for those participating in overseas Bitcoin ETF markets. This regulatory stance aligns with a broader global trend of increased scrutiny towards cryptocurrency investments, reflecting concerns about the inherent volatility and speculative risks associated with digital assets.
Concurrently, Hong Kong is contemplating adopting a similarly stringent approach to crypto regulations, aiming to enhance investor protection. The public consultation initiated by the Hong Kong Monetary Authority, with results released in two phases in July and November, precedes the impending implementation of tighter regulations.
READ MORE: Ripple CEO Foresees Cryptocurrency ETF Boom
On January 10, the SEC in the U.S. approved 11 Spot Bitcoin ETFs, including major players like Grayscale’s GBTC, BlackRock’s IBIT, and ARK 21Shares ARKB.
These ETFs went live on January 11, recording over $4.6 billion in trading volume. While they initially experienced substantial gains, subsequent days saw losses, reflecting continuous declines throughout the week.
The evolving regulatory landscape underscores the global effort to establish a balanced framework that ensures investor safety without stifling the potential benefits and innovations offered by the rapidly growing cryptocurrency market.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
