Indian regulator SEBI desires mutual funds to steer clear of crypto investments till laws is finalized

Advertisements

The Securities and Exchange Board of India (SEBI) has reportedly urged mutual fund companies not to get involved or invest in any type of cryptocurrency-based investment until the Government of India comes up with cryptocurrency legislation.

SEBI urges mutual fund companies to wait for crypto legislation

Securities and Exchange Board of India (SEBI) chairman Ajay Tyagi reportedly said Tuesday that the market regulator does not want mutual fund companies to get involved or invest in any type of crypto-asset-based new fund offerings (NFOs) until The Indian government has passed laws on cryptocurrency.

There is currently no law in India that directly regulates cryptocurrencies. However, the Indian government is actively working on cryptocurrency legislation. A crypto bill was due to be examined in Parliament’s winter session, but it was not taken up. The government is reportedly revising the law.

Last month, Indian asset management company Invesco Mutual Fund delayed the launch of its Invesco Coinshares Global Blockchain ETF Fund of Fund due to regulatory uncertainty surrounding crypto assets despite being approved by SEBI. The fund is an open-ended fund that invests in Invesco Coinshares Global Blockchain UCITS ETF. It is the first fund in India with exposure to the blockchain ecosystem to receive approval from SEBI.

As of November 2nd, the portfolio of the underlying fund includes Coinbase Global, GMO Internet, Kakao Corp. SBI Holdings, Hive Blockchain Technologies, Bitfarms, Bit Digital and Microstrategy.

While the Indian government has not made an official announcement whether it will ban or regulate cryptocurrencies, there have been reports that crypto assets will be regulated with SEBI as the primary regulator.

Meanwhile, India’s central bank, the Reserve Bank of India (RBI), has urged the government to ban cryptocurrencies entirely, stating that a partial ban will not work. RBI Governor Shaktikanta Das said the central bank has serious and grave concerns about cryptocurrencies.

What do you think of SEBI asking mutual fund companies not to invest in any type of crypto-asset-based fund until the legislation is in place? Let us know in the comment section below.

Kevin Helms

Kevin, a student of Austrian economics, found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects and the interface between economy and cryptography.

Photo credit: Shutterstock, Pixabay, Wiki Commons

Disclaimer of liability: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement for any product, service, or company. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author are directly or indirectly responsible for any damage or loss caused or allegedly caused by or in connection with the use of or reliance on the content, goods or services mentioned in this article.

More popular news

In case you missed it


Share post on

Sonic BTC is reader-supported. When you buy through links on our site, we may earn an affiliate commission.

Bitcoin: The Ignition Of A Scientific Revolution Bitcoin

Bitcoin: The Ignition Of A Scientific Revolution

It is a rare event for humanity to experience a change in worldview. You...

By wpadminsonic164
Veteran dealer Peter Brandt shares “Sacred Buying and selling Rule” when Bitcoin falls and warns in opposition to shopping for the dip Bitcoin

Veteran dealer Peter Brandt shares “Sacred Buying and selling Rule” when Bitcoin falls and warns in opposition to shopping for the dip

Veteran trader Peter Brandt shared "a sacred trading rule" that he uses in response...

By wpadminsonic164
Ukraine Legalizes Bitcoin Bitcoin

Ukraine Legalizes Bitcoin

Bitcoin is now legal in Ukraine as its parliament approved in final reading a...

By wpadminsonic164
‘Save Your Pores and skin’ From Inflation With BTC, The Nice Financial Shift, and SHIB Burns — Bitcoin.com Information Week in Overview Bitcoin

‘Save Your Pores and skin’ From Inflation With BTC, The Nice Financial Shift, and SHIB Burns — Bitcoin.com Information Week in Overview

Another spicy week of crypto news heads into the weekend, with Mexico's third-richest billionaire...

By wpadminsonic164
Bitcoin-Backed Mortgages And Pristine Collateral Mentioned At Bitcoin 2022 Bitcoin

Bitcoin-Backed Mortgages And Pristine Collateral Mentioned At Bitcoin 2022

Bitcoin 2022 hosted a panel at the Enterprise Stage on the use of bitcoin...

By wpadminsonic164
Doge Day Then and Now: Lackluster Buzz as Dogecoin’s Worth Is 65% Decrease Than Final Yr Bitcoin

Doge Day Then and Now: Lackluster Buzz as Dogecoin’s Worth Is 65% Decrease Than Final Yr

While April 20 or 420 is synonymous with cannabis culture, the day is also...

By wpadminsonic164
European Commission Has ‘Genuine Doubts’ About Markets in Crypto Assets Draft, Report Reveals Bitcoin

European Commission Has ‘Genuine Doubts’ About Markets in Crypto Assets Draft, Report Reveals

The European Commission disagrees with some provisions in the crypto regulatory proposal approved recently...

By wpadminsonic164
Africa now has the most important quantity of Bitcoin peer-to-peer buying and selling on the planet Bitcoin

Africa now has the most important quantity of Bitcoin peer-to-peer buying and selling on the planet

According to data from the analysis platform UsefulTulips, Africa has developed into the continent...

By wpadminsonic164

Latest Posts

Crypto information immediately | Shiba inu coin information immediately | Crypto market crash immediately | luna crypto coin information Videos

Crypto information immediately | Shiba inu coin information immediately | Crypto market crash immediately | luna crypto coin information

19/07/2022| Cryptocurrency news today | Crypto news today | Crypto market crash today |...

By wpadminsonic164
Rachel Stevens rocks Kate Middleton-style gown and we adore it – HELLO! Polkadot

Rachel Stevens rocks Kate Middleton-style gown and we adore it – HELLO!

August 09, 2022 - 11:50 BST Sophia Bates Rachel Stevens wowed her followers in...

By wpadminsonic164
Stellar XLM’s worth lags behind whereas Chronoly.io golden run continues – TechCabal Stellar

Stellar XLM’s worth lags behind whereas Chronoly.io golden run continues – TechCabal

The last few months have been nightmarish for cryptocurrency markets as investors went on...

By wpadminsonic164
Binance

With Tegro, WazirX founder is making it straightforward to purchase and promote blockchain sport belongings – YourStory

In 2021, as the crypto market boomed, millions of retail investors made their first...

By wpadminsonic164
Cryptocurrencies Value Prediction: Tezos, Ripple and Dogecoin – European Wrap 9 August – FXStreet Dogecoin

Cryptocurrencies Value Prediction: Tezos, Ripple and Dogecoin – European Wrap 9 August – FXStreet

Tezos (XTZ) price action is printing a staggering performance in just a slim two...

By wpadminsonic164
Uniglo (GLO), Bitcoin (BTC), And Cardano (ADA) Holders Are Ready Anxiously For October.  What’s Going On?  – Crypto mode Cardano

Uniglo (GLO), Bitcoin (BTC), And Cardano (ADA) Holders Are Ready Anxiously For October. What’s Going On? – Crypto mode

The G20 will present a regulatory framework for cryptocurrencies in October this year. Regulations...

By wpadminsonic164
FED Deploys The WORST CRYPTO Regulatory Ban YET Videos

FED Deploys The WORST CRYPTO Regulatory Ban YET

In your nightly crypto news wrap-up, we bring you the top crypto stories. A...

By wpadminsonic164
Polkadot (DOT) Traders are Gravitating in direction of Chronoly.io, Here is why!  – The Coin Republic Polkadot

Polkadot (DOT) Traders are Gravitating in direction of Chronoly.io, Here is why! – The Coin Republic

2022 has encountered one of the worst bear markets of all time. Top cryptos...

By wpadminsonic164