According to news from the region, the Monetary Authority of Singapore (MAS) Bitcoin announced that it will not allow exchange traded funds (ETFs) to be listed in the country.
This development was hardly expected following the recent approval by the US Securities and Exchange Commission (SEC) for the launch of several spot Bitcoin ETFs nationwide. Singaporeclaims that cryptocurrencies, including BTC, do not meet the criteria for qualifying assets in the context of ETFs.
However, the news indicates that capital markets intermediaries licensed by MAS can offer offshore market-related investments while uncovering potential risks and providing appropriate client suitability assessments.
According to local sources, “Retail investors will be able to continue trading in spot Bitcoin ETFs listed abroad through local brokers.” A MAS spokesperson said that pooled investment schemes (CIS) that fall under Securities and Futures Act regulation include ETFs, but not Bitcoin or He clarified that it does not include any other cryptocurrency.
According to the statement made by the spokesperson, local brokerage firms continue to have restrictions on asset types. Bitcoin and other digital payment tokens are not suitable for retail investors. According to the spokesperson, the reason behind the disqualification was cryptocurrency High volatility in units and therefore risk.
Spokesman; “Cryptocurrency trading is highly volatile and speculative in nature and is not suitable for retail investors. Still in overseas markets Bitcoin ETF“Those who choose to trade with ‘s should exercise extra caution,” he added. Additionally, investors should consider the additional risks involved in trading in overseas markets.
According to recent news, spot Bitcoin ETFs reached $10 billion in trading volume three days after their approval. Senior ETF analyst Eric Balchunas announced that the total trading volume of the 500 ETFs introduced in 2023 is only $450 million.