Fun

Indian Regulator SEBI Wants Mutual Funds to Stay Away From Crypto Investments Until Legislation Is Finalized

News Feed - 2021-12-31 01:12:28

Indian Regulator SEBI Wants Mutual Funds to Stay Away From Crypto Investments Until Legislation Is Finalized


The Securities and Exchange Board of India (SEBI) has reportedly asked mutual fund companies not to get involved or invest in any type of crypto asset-based investments until the Indian government has come up with cryptocurrency legislation. SEBI Asks Mutual Fund Companies to Wait for Crypto Legislation


The chairman of the Securities and Exchange Board of India (SEBI), 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 offers (NFOs) until the Indian government has come up with cryptocurrency legislation.


There is currently no law governing cryptocurrencies directly in India. However, the Indian government is actively working on cryptocurrency legislation. A crypto bill was listed to be considered in the winter session of parliament but it was not taken up. The government is now reportedly reworking the bill.


Last month, Indian asset management firm Invesco Mutual Fund delayed launching its Invesco Coinshares Global Blockchain ETF Fund of Fund due to regulatory uncertainty around crypto assets even though it was approved by SEBI. The fund is an open-ended scheme investing 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.


The underlying fund’s portfolio as of Nov. 2 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 are reports that crypto assets will be regulated with SEBI as the main regulator.


Meanwhile, India’s central bank, the Reserve Bank of India (RBI), has been calling on the government to completely ban cryptocurrency, noting that a partial ban will not work. RBI Governor Shaktikanta Das has been saying that the central bank has serious and major concerns regarding cryptocurrencies. Tags in this story Crypto Funds, crypto investments, India, indian crypto legislation, indian crypto regulation, mutual funds, sebi


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


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Hong Kong Authorities Arrest Two Siblings Accused of Laundering $384 Million via Banks, Crypto Platform REGULATION | 1 day ago US Senator on Crypto: We Need Real Solutions to Make the Financial System Work for Everyone, Not Just the Wealthy REGULATION | 1 day ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleTesla CEO Elon Musk Praises Dogecoin, Criticizes Bitcoin, Guesses Identity of Satoshi Nakamoto Next articleBitcoin Treasuries List Claims 59 Companies and a Handful of Countries Hold 1.49 Million BTC Disclaimer: 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 of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItItalian Sports Car Maker Ferrari Inks Multi-Year Deal With Blockchain Firm Velas Network AG


The Italian luxury sports car manufacturer headquartered in Maranello, Italy, Ferrari has announced the firm is partnering with Velas Network AG, a firm that specializes in blockchain and non-fungible token (NFT) technology. Ferrari Reveals Partnership With Blockchain Firm Velas On ... read more.HP-Branded Servers Hijacked to Mine $110,000 Worth of Cryptocurrency Ethereum Hashrate Taps Record-Setting 1 Petahash as ETH’s Mining Profitability Remains High Billionaire Ray Dalio Sees Limitation on Bitcoin"s Price, Doubts BTC Can Reach $1 Million Charles Hoskinson Discusses Cardano’s 2022 Plans, Founder Says Project ‘Needs Institutions to Have Stake in the Success of ADA’

News Feed

Community split on ENS petition against Unstoppable Domains patent
Ezra Reguerra14 hours agoCommunity split on ENS petition against Unstoppable Domains patentSome crypto community members argued against the petition, while others supported ENS’ move against Unstoppable Domains.2551 To
Amaka Nwaokocha1 hour agoTerra Luna Classic contemplates deposit hike to curb spam proposalsThis measure is intended to counteract the influx of "spam" and irrelevant proposals submitted for voting within the T
Singapore Regulator Explains Action Against Binance vs FTX — Warns Even Licensed Crypto Exchanges Can Fail
Singapore Regulator Explains Action Against Binance vs FTX — Warns Even Licensed Crypto Exchanges Can Fail The Monetary Authority of Singapore (MAS), the regulator overseeing the
Biden Administration Lowballs Inflation Predictions, Report Says Americans Are ‘Fixated’ on Dollar Value
Biden Administration Lowballs Inflation Predictions, Report Says Americans Are "Fixated" on Dollar Value As inflation continues to wreak havoc on American wallets, the U.S. dollar&
Tristan Greene6 hours agoLocal Web3 community launches ‘Crypto Aid Israel’ to help displaced citizensThe charity campaign aims to raise funds for humanitarian aid to help Israelis affected by the recent conflict.1957
Bitcoin, Tether, Ethereum Trade for Premiums in Ukraine, Hryvnia BTC Price $3K Higher Than Global Average
Bitcoin, Tether, Ethereum Trade for Premiums in Ukraine, Hryvnia BTC Price $3K Higher Than Global Average After Ukraine’s central bank imposed a limit on cash withdrawals, K
Biggest Movers: DOGE up 30%, Following Twitter Logo Change
Biggest Movers: DOGE up 30%, Following Twitter Logo Change Dogecoin continued to trade close to a four-month high on Tuesday, following a 30% price surge to start the week. The ral
Zhiyuan Sun14 hours agoAzuki DAO rebrands to ‘Bean’ as it drops lawsuit against founderThe DAO previously proposed a lawsuit against Azuki creator Zagabond over a dilutive $39 million NFT minting that took place in J
Tom Blackstone6 hours agoBase, Optimism unveil shared governance and revenue-sharing frameworkThe two networks will share profits and governance using multisignature wallets, and a “security council” will be formed a
Shariah Council Permits Cryptocurrency Investing and Trading
Shariah Council Permits Cryptocurrency Investing and TradingThe Shariah Advisory Council of Malaysia’s securities commission has advised that it is permissible to invest and t
Bitcoin just hit a record in open interest — expect imminent volatility
Lucas Kiely5 minutes agoBitcoin just hit a record in open interest — expect imminent volatilityStay calm and avoid getting carried away by the possibly imminent all-time highs for Bitcoin and Ethereum. Open interest ne
Bitcoin Skeptic Turns Bitcoin Bull: Billion Dollar Company Buys 17K BTC in 74 Hours
Bitcoin Skeptic Turns Bitcoin Bull: Billion Dollar Company Buys 17K BTC in 74 HoursNasdaq-listed company Microstrategy recently bought almost 17K bitcoins within 74 hours, costing a