Singapore Central Bank says they will not approve Bitcoin spot ETF for retail investors

The Monetary Authority of Singapore (MAS) confirmed that they are not in favour of allowing Bitcoin spot ETF offerings for retail investors in Singapore.

Singapore is a crypto & blockchain sector adaptive country. The Monetary Authority of Singapore (MAS) is the financial regulator as well as the Central Bank of this country. Traditional financial sector regulation as well as crypto sector regulation authority work is under MAS’s umbrella. Over the past several years MAS introduced multiple rules & laws to regulate the crypto companies and to prohibit the misuse of cryptocurrencies.

Recently the MAS body stated that ETFs, which are part of the collective investment schemes (CIS) accessible to retail investors in Singapore, are regulated under the Securities and Futures Act. 

MAS confirmed that CIS is also restricted from investing in digital assets and one of these scheme providers is allowed to offer digital asset-backed retail investors.

According to MAS, spot Bitcoin ETFs are not approved by MAS for offer to retail investors.

Furthermore, the MAS agency asserted its long view on cryptocurrencies and said that digital assets are highly speculative assets & not suitable for retail investors. 

In Nov of last year, MAS announced that it would bring a set of new rules & laws to enhance the potential ability of the existing regulatory laws for the crypto sector, especially retail investors.

As we know that United States Securities and Exchange Commission (SEC) approved multiple Bitcoin spot ETF applications on 10 Jan but notably none of the ETFs are listed on the stock exchanges of Singapour. Singapore’s MAS agency confirmed that retail investors are allowed to invest in US-based Bitcoin spot ETF products via a suitable intermediary. 

A similar kind of response came from the Indian Central Bank governor Shaktikant Das who said that Bitcoin may be better for other jurisdictions but not for developing economies like India. 

Mr Das also said that his views on cryptocurrencies will never change because cryptocurrencies are not only volatility also can be used in several illegal activities.

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