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According to reports, the Securities and Exchange Commission of India (SEBI) has required mutual fund companies not to participate in or invest in any type of crypto-asset-based investment before the Indian government proposes cryptocurrency legislation.
SEBI asks mutual fund companies to wait for crypto legislation
According to reports, the Chairman of the Securities and Exchange Commission of India (SEBI) Ajay Tyagi said on Tuesday that market regulators do not want mutual fund companies to participate in or invest in any type of new fund issuance (NFO) based on crypto assets until the Indian government has proposed cryptocurrencies. legislation.
Currently, India has no laws directly governing cryptocurrencies. However, the Indian government is actively working on cryptocurrency legislation.The cryptocurrency bill is Listed It will be considered at the winter meeting of Parliament, but it has not been adopted.According to reports, the government is now Rework bill.
Last month, due to regulatory uncertainty in crypto assets, Indian asset management company Invesco Mutual Fund delayed the launch of its Invesco Coinshares Global Blockchain ETF Fund of Fund, even though it has been approved by SEBI. The fund is an open plan to invest in Invesco Coinshares global blockchain UCITS ETF. It is the first fund in India that has access to the blockchain ecosystem and is approved by SEBI.
As of November 2, the underlying fund’s portfolio includes Coinbase Global, GMO Internet, Kakao Corp. SBI Holdings, Hive Blockchain Technologies, Bitfarms, Bit Digital, and Microstrategy.
Although the Indian government has not officially announced whether it will ban or regulate cryptocurrencies, there are reports that crypto assets will be Regulated SEBI is the main regulatory agency.
At the same time, the Reserve Bank of India (RBI), the central bank of India, has been calling on the government to Completely banned For cryptocurrencies, please note that some bans will not work.Shaktikanta Das, Governor of the Reserve Bank of India, has been saying that the central bank has Serious and major problems About cryptocurrency.
How do you think SEBI requires mutual fund companies not to invest in any type of crypto-asset-based funds until legislation is in place? Please let us know in the comments section below.
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