The Chairman of the Securities and Exchange Board of India (SEBI), Ajay Tyagi, has urged mutual funds to avoid investing in crypto-related assets, as the government considers new rules for cryptocurrency. At a press conference on Tuesday, Tyagi advised companies to refrain from investing in funds tied to crypto assets until the policy and regulatory framework is clarified.
“Those who have invested in mutual funds, – in companies related to crypto assets or in foreign companies through funds of funds (FOF) – my opinion is that until we are clear about their (cryptocurrency) policy, they should not set up companies,” said the head of SEBI. such investments.”
Although the regulatory environment for cryptocurrency in India is currently murky, the country has already seen a massive rise in popularity. It is also not entirely clear whether investments in cryptocurrency carry any financial obligation in the country.
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Tyagi’s comments come on the heels of a recent event that affected AMC (NYSE:) asset management firm Invesco Mutual Fund. Despite Sebi’s approval, it delayed the blockchain fund last month due to legislative uncertainty.
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