Singapore launches spot Bitcoin ETF as SEC blocks U.S. firms from doing the same

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 (BTC-USD): +5.7%, Monday and +100.2% YTD. Singapore hopes