Franklin

United

Bitcoin

Financial regulators in Singapore and Thailand have chosen to exercise caution regarding the approval of cryptocurrency-linked funds, particularly <a href="https://news.todayq.com/bitcoin-etfs-break-records-outperforms-entire-2023-market-in-a-day/" target="_blank" rel="noreferrer noopener">Bitcoin</a> exchange-traded funds (ETFs). But things are a bit different in the United States. Over there, the people in charge of making rules about money have said it’s okay to have these special investment products. Singapore’s Reaction to ETFs 
The U.S. Securities and Exchange Commission (SEC) recently approved Bitcoin ETFs. This allowed people to invest in the biggest cryptocurrency without actually buying any digital currency. Major financial institutions like <a href="https://news.todayq.com/ether-jumps-as-blackrock-ceo-interest-in-eth-etf/" target="_blank" rel="noreferrer noopener">BlackRock</a>, Vanguard, and Franklin Templeton have received regulatory approval for offering these ETFs in the U.S. 
However, the Monetary Authority of Singapore (MAS) has expressed reservations about the volatile and speculative nature of cryptocurrency trading. MAS emphasized that trading in cryptocurrencies is unsuitable for retail investors. MAS stated, “Spot Bitcoin ETFs are not approved by MAS for offer to retail investors. Persons who still choose to trade in Bitcoin ETFs in overseas markets must exercise extreme caution.” What does Thailand have to say? 
Similarly, the Thai Securities and Exchange Commission (SEC) deferred its decision on spot Bitcoin ETFs, stating that there are no immediate plans to allow such products. The SEC emphasized that the development of spot Bitcoin ETFs in foreign markets is still in its early stages and may not provide direct economic value suitable for Thailand’s current context. 
Anek Yooyuen, the SEC’s deputy secretary-general and spokesperson, clarified the regulator’s position, stating, “We do not see a necessity for the product in the Thai market.” The SEC, currently engaged in investigations related to stock price manipulation and fraud involving Thai-listed companies, will closely monitor developments following the U.S. approval of crypto ETFs. 
The SEC cautioned securities companies against offering Bitcoin ETFs to Thai investors, reminding them that only nine digital asset exchanges are licensed to offer cryptocurrency products in the country. Following the U.S. approval, InnovestX, the securities arm of Siam Commercial Bank, withdrew 11 spot Bitcoin ETFs from its trading platform. 
Singapore and Thailand, both having witnessed the fall of prominent crypto players during the 2022 crypto crash, remain vigilant. Singapore, in the aftermath of the crash, banned the founders of the collapsed crypto hedge fund Three Arrows Capital from participating in regulated capital market activities for nine years. Three Arrows, previously based in Singapore, faced challenges in paying debts and eventually went into liquidation. 
In Thailand, regulators have been cautious about cryptocurrency products marketed to retail investors since the downfall of Zipmex, a prominent digital token exchange, during the 2022 crypto crash. Anek from the Thai SEC stated, “We have no concerns at the moment aside from the riskiness of the underlying asset. It’s not for general retail investors but for sophisticated investor groups.” 
Singapore and Thailand are maintaining a cautious approach towards Bitcoin ETFs, emphasizing the need for vigilance due to the speculative nature of cryptocurrency trading. While the U.S. has embraced these investment products, Southeast Asian regulators are closely monitoring developments and expressing concerns about potential risks to retail investors. 
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Bad news for Bitcoin? Singapore, Thailand flash “Caution” lights on crypto ETFs

Todayq News

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