The Monetary Authority of Singapore has issued a warning to retail investors about the risks of purchasing spot Bitcoin ETFs following their approval in the United States.
MAS has advised individuals in Singapore against trading spot Bitcoin exchange-traded funds (ETFs) in international markets, emphasizing that these products are not approved as eligible assets for collective investment schemes (CIS).
The regulatory landscape in Singapore regarding crypto may shift following recent approvals by the U.S. Securities and Exchange Commission (SEC) for these investment funds.
In response to the SEC’s approvals, South Korea’s regulator has prohibited domestic brokers from offering spot Bitcoin ETFs overseas, citing potential violations of the country’s current stance on virtual assets. Despite the ban, South Korea’s Financial Services Commission has acknowledged the possibility of reassessing its regulation of cryptocurrencies without providing specific details.
According to crypto.news, the SEC has granted approval to all applicants for spot Bitcoin ETFs. Following this approval, SEC Chair Gary Gensler cautioned investors to be wary of the risks associated with Bitcoin and products tied to cryptocurrency, despite the regulatory green light.
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