The MAS has denied the listing and trading of Bitcoin ETFs in Singapore. This happens even after the approval of Bitcoin ETFs in this country and a demand for cryptocurrency that has grown worldwide.
According to a Wednesday report, MAS referred to the highly volatile and speculative character of cryptocurrencies, calling them inadvisable for retail investors.
Even though Singaporean investors will not be able to purchase local Bitcoin ETFs, they can still invest in offshore options which would require licensed intermediaries as well as more stringent risk disclosure and suitability assessments.
A MAS spokesperson stated that “Cryptocurrency trading is highly speculative and not suitable for retail investors.” ” However, those who insist on trading in Bitcoin ETFs under foreign markets should be very careful.
Singapore has taken the same approach as Thailand and several other countries that are more concerned regarding retail investors’ exposure to potential risks related to Bitcoin ETFs. The global cryptocurrency regulatory environment continues to be dynamic with countries adopting diverse approaches.
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