The First Crypto-Based ETF Fund Gets Approval By The Indian Regulator
Currently, crypto is under the obscure asset class and regulators play their role in bringing a way to regulate the crypto market and ensure that crypto operates within the boundaries of Indian monetary policy.
SEBI Agency’s action is commendable and innovative as it adopts crypto-supported ETFs without any legal status in crypto. With this, it became the first crypto-supported ETF product in India.
Due to this success and recognition from Sebi, the company is looking forward to the future asset class (crypto), Invesco said;
“As blockchain technology is still in its infancy, the potential to transform the global economy is enormous. Like the Internet, blockchain offers investors the opportunity to seize these hidden opportunities”.
Recently, CoinShares acquired the ETF company of Elwood Technologies. Elwood Technologies’ ETF company operates in digital asset trading using institutional client funds.
Invesco Elwood Global Blockchain UCITS ETF (BCHN) has been revived through a partnership between the two parties.
SEBI issued a notification last month directing all financial advisers not to instruct any of their clients to invest in unregulated assets such as digital gold or digital assets.
With the introduction of crypto-backed ETF, it is a clear indication that India is about to legalize the crypto market soon in the coming future.
While in today’s Indian Lok Sabha session on the ongoing “challenges and opportunities” with crypto adoption was held.