The Securities and Exchange Commission of India (SEBI) said it will take action on investment advisors who provide services for trading unregulated digital assets.
SEBI issued a warning to investment advisors not to interact with unregulated assets, including cryptocurrencies. The Commission said it will take action in such situations.
“It has come to SEBI’s attention that some registered investment advisors are engaged in unregulated activities, providing platforms for buying / selling / trading unregulated products. It is illegal to carry out such activities, including transactions. ”
The notice comes following a recent comment from CoinSwitch Kuber CEO Ashish Singhal. He revealed that the country’s government and regulators are in talks with cryptocurrency companies about a plan to regulate the industry.
Recall that the concept of “unicorns” refers to startups, the value of which has exceeded $ 1 billion. CoinSwitch Kuber exchange is supported by Tiger Global, Sequoia and Coinbase Ventures and has about 10 million users.
In September of this year, the Indian authorities revised their position on crypto assets, abandoning a complete ban, and began a phased development of a regulatory framework for their regulation.