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Singapore launches spot Bitcoin ETF as SEC blocks U.S. firms from doing the same
$Bitcoin (BTC.CC)$ Singapore has moved forward with a spot Bitcoin ETF even as plans for similar U.S.-listed funds remain sidelined by Securities and Exchange Commission opposition.
Singapore-based fund manager Fintonia Group launched the country's first spot Bitcoin fund after receiving approval from the Monetary Authority of Singapore (MAS).
The ETF will actually buy and hold physical Bitcoin.
"The fund acquires 'physical' Bitcoin, meaning we will buy the actual Bitcoin [rather than] a derivative instrument on Bitcoin," Adrian Chng, founder and chairman of Fintonia Group told Fund Selector Asia.
Chng added that he believes Bitcoin is an excellent form of capital for loans, being that it trades 24 hours a day and seven days a week. Moreover, it's highly liquid, with approximately $30B to $60B exchanged per day.
Chng further noted that crypto-assets can be rapidly liquidated, in contrast to commodities and other tangible assets.
Price action for Bitcoin: +5.7% Monday and +100.2% YTD.
Singapore hopes to become one of the focal points for crypto-assets in the global economy.
"We think the best approach is not to clamp down or ban these things," Ravi Menon, managing director of the MAS, said earlier in the month.
By contrast, U.S. firms' have attempted to roll out spot Bitcoin ETFs but have run into SEC opposition.
Experts don't expect a U.S. spot Bitcoin ETF until mid-2022.
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satay stick : Any idea whar is the 'tshare' code?
Carlo Bevans : SEC and Gary Gensler is doing disservice to USA investors by not approving spot bitcoin etf because of technicalities. Who is he trying to protect?
Old Capital Carlo Bevans : Gary Gensler was very pro Bitcoin or cryptos as he was a professor at MIT but once he got the job at government he changed color. sounds familiar?
70621324 : Don't get overly excited. In other articles, I have read that the 2 ETFs being offered are for institutional investors. I have neither seen their definition of institutional investor nor what the minimum investment--assuming there is a minimum--is.
dreamstocker : fortunately the SEC keeps protecting us from a spot btc etf...
wallstreet wolf dreamstocker : While allowing amazing shenanigans with derivatives and the like in the manipulated paper gold market lol..
Raeann Loebs : USA:
Unnecessarily Slow to Act
wild horse : Bullish!
