Singapore will not list a Bitcoin spot ETF

The Monetary Authority of Singapore (MAS) said that Bitcoin spot ETFs are not yet eligible for legal trading in the lion island nation.

Singapore will not list a Bitcoin spot ETF

According to newspaper sources Lianhe Zaobao, MAS has not yet approved Bitcoin as a qualifying asset for the fund ETFin Singapore. Therefore, though11 Bitcoin spot ETFs have been approved by the US SEC, Singapore will still maintain its stance and not list these investment products.

However, the agency will still allow retail investors to trade foreign ETFs through licensed intermediaries.

A spokesperson for MAS said:

“Cryptocurrency trading is highly volatile, speculative and not suitable for retail investors. Those who still choose to trade Bitcoin ETFs in foreign markets must exercise extreme caution. In addition, they should also carefully consider trading with foreign markets and the associated risks.”

This move is from SingaporeFollow the same steps with Korea, also for the reason of not accepting Bitcoin as a financial asset. This decision from countries is quite understandable because US SEC Chairman Gary Gensler himself, after approving ETF funds, also reaffirmedI do not support Bitcoin yet, which simply provides legal clarity that investors can enter into transactions after having Fully consider the risks involved.