The Indian regulatory authority Sebi wants investment funds to stay away from crypto investments until the legislation has been completed-regulation
The Indian regulatory authority Sebi wants investment funds to stay away from crypto investments until the legislation has been completed-regulation
The Securities and Exchange Board of India (Sebi) has reportedly asked investment fund companies not to be involved in any kind of investments based on crypto-assets until the Indian government has submitted a cryptocurrency legislation.
Sebi asks investment fund companies to wait for crypto legislation
The chairman of the Securities and Exchange Board of India (Sebi), Ajay Tyagi, said on Tuesday that the market supervisory authority does not want investment fund companies to get involved or invest in any kind of crypto-asset-based new fund offers (NFOS) until the Indian government has laws on crypto territory enact.
There is currently no law in India that regulates cryptocurrencies directly. However, the Indian government is actively working on cryptocurrency legislation. A crypto calculation was to check in the winter session of the parliament, but was not picked up. The government is now supposedly revision.
Last month, the Indian asset management company Investco Mutual Fund delayed the introduction of its Investco Coinhares Global Blockchain ETF Fund of Fund due to the regulatory uncertainty in terms of crypto-assets, although it was approved by Sebi. The fund is an open fund that invests in Invalco Coinhares Global Blockchain Ucits ETF. It is the first fund in India with commitment in the blockchain ecosystem that receives the approval of Sebi.
The portfolio of the underlying fund comprises Coinbase Global, GMO Internet, Kocao Corp. on November 2, GMO. SBI Holdings, Hive Blockchain Technologies, Bitfarms, Bit Digital and Microstrategy.
Although the Indian government has not made an official announcement whether it will ban or regulate cryptocurrencies, there are reports that crypto assets regulated with sebi as the main regulator.
Meanwhile, the Indian Central Bank, the Reserve Bank of India (RBI), calls on the government, complete " Prohibit cryptocurrency, whereby it is pointed out that a partial ban does not work. RBI-Gouvenur Shaktikanta said that the central bank serious and great concerns regarding cryptocurrencies.
What do you think that Sebi inventment fund company asks not to invest in any kind of crypto-asset-based funds until the legislation is in force? Let us know in the comment area below.
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