Securities and Exchange Board of India (Sebi) chairman Ajay Tyagi on Tuesday said that the market regulator doesn’t want mutual funds to come up with new fund offers (NFOs) based on crypto assets until the government has announced regulations for cryptocurrencies.
While investing and trading in crypto assets is allowed in India, the laws are still not clear as to how they are regulated and taxed.
Tyagi’s comments came after asset management company Invesco Mutual Fund last month delayed its blockchain fund due to legislative uncertainty, despite Sebi’s approval.
The remarks technically mean that Sebi won’t allow any blockchain or crypto fund till the regulations are clear.
Invesco CoinShares Global Blockchain ETF Fund of Fund (FoF) was the first scheme in India to get approval from Sebi that offers exposure to global companies participating in the blockchain ecosystem.
The scheme was originally scheduled to open for subscription on 24 November.
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