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Singapore MAS opposes Spot Bitcoin ETFs; could Meme Moguls be an alternative?

Thursday, January 18, 2024 05:23 AM | Invezz via QuoteMedia

Singapore MAS opposes Spot Bitcoin ETFs; could Meme Moguls be an alternative?

2024-01-18 05:23:54 ET

Singapore MAS opposes Spot Bitcoin ETFs

The Monetary Authority of Singapore (MAS) has taken a resolute stance against the listing of spot Bitcoin ETFs, aligning with their regulations that deem cryptocurrencies ineligible assets for ETFs. Concurrently, the recent approval of spot Bitcoin ETFs in the United States sparks global interest.

Meanwhile, the Meme Moguls project introduces a unique investment avenue, with ongoing MGLS presale activities at the forefront. This article explores MAS’ position and delves into the potential alternative presented by Meme Moguls.

MAS’ strong opposition to Spot Bitcoin ETFs

Singapore’s regulatory authority issued a firm statement disallowing the listing of spot Bitcoin ETFs in the country for retail investors. The decision stems from the exclusion of cryptocurrencies, notably Bitcoin, as eligible assets for ETFs under Singaporean regulations.

MAS emphasized the highly volatile and speculative nature of cryptocurrency trading, deeming it unsuitable for retail investors. Despite this restriction, retail investors in Singapore have a channel to access spot Bitcoin ETFs through licensed capital market intermediaries. These intermediaries, authorized by MAS for overseas market-related investments, are obligated to ensure risk disclosure and conduct client suitability assessments.

The regulatory stance underscores MAS’s commitment to investor protection and aligns with its cautious approach toward cryptocurrency trading. This approach is particularly relevant as the global market experiences a surge in interest following the recent approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC).

Spot Bitcoin ETFs approval in the US

While Singapore maintains a cautious approach, the US SEC recently approved 11 spot Bitcoin ETFs. Issuers such as Grayscale, BlackRock, Fidelity, Invesco, and Ark Invest, in collaboration with Swiss Crypto 21Shares, entered the ETF market. The launch of these ETFs generated significant trading volume, with Grayscale’s Bitcoin Trust achieving the highest first-day trading volume in history, surpassing $2.3 billion.

However, SEC Chair Gary Gensler issued a cautious statement, emphasizing that the agency did not approve or endorse Bitcoin. Investors were urged to exercise caution due to the myriad risks associated with Bitcoin and related products.

Meme Moguls: does it offer an alternative opportunity?

Amidst the regulatory discussions surrounding Bitcoin ETFs, Meme Moguls emerges as a unique project offering an alternative investment opportunity. Currently in the midst of its presale, Meme Moguls introduces the MGLS token as the backbone of its ecosystem.

The MGLS token powers various components of the Meme Moguls ecosystem, including the Moguls Casino, Exchange Trading Platform, Fantasy Trader, and Mogul Land. Participants engage in meme trading within a fantasy environment, climb the wealth leaderboard, and unlock exclusive rewards.

The token’s presale starting price was $0.0019 and it is now going for $0.0027, in the fourth stage of the presale. The token’s value increases with each presale stage offering early birds an opportunity to earn greater returns by the time the presale ends.

As retail investors navigate regulatory constraints on traditional crypto assets, Meme Moguls presents an alternative space for meme-inspired asset trading. The platform provides a vibrant community for meme enthusiasts to connect, share insights, and collaborate.

Besides the MGLS token value, Meme Moguls offers an array of rewards ranging from high-end gadgets and luxurious vacations to exclusive experiences and cash prizes each week.

To be part of the Meme Moguls community and possibly benefit from the ecosystem’s offerings, you can visit the Meme Moguls official website and participate in the ongoing $MGLS presale.

The post Singapore MAS opposes Spot Bitcoin ETFs; could Meme Moguls be an alternative? appeared first on Invezz

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