Ajay Tyagi, Chairman of the Securities and Exchange Board of India (SEBI), has called on mutual funds to refrain from investing in crypto assets pending regulation.
India is currently drafting a cryptocurrency regulation bill. There is no exact information yet about exactly what restrictions will be imposed on digital assets. It is known that the use of cryptocurrencies for payments will be prohibited, but the question of their taxation remains open.
In addition, news about a complete ban on cryptocurrencies in the country appears quite often. Speaking at a press conference, Ajay Tyagi emphasized that investment funds should not invest in cryptocurrencies until India has introduced digital asset regulation.
“From my point of view, mutual funds or companies related to cryptocurrencies should not invest in digital assets until we clarify the regulatory policy on this matter,” stressed the SEBI chairman.
In October, SEBI issued a warning to investment advisors urging them not to deal with unregulated assets, including cryptocurrencies. India’s digital asset regulation law is expected to be passed as early as February next year.
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