The first crypto-based ETF fund is approved by the Indian regulator
The Securities and Exchange Board of India (Indian securities regulator) has approved the Invesco CoinShares Global Blockchain ETF despite the unclear status of crypto assets in India.
In the present time, crypto is under an unclear asset class and regulators are doing their best to bring a way that can regulate the crypto market and also ensure the operations of the crypto within the boundaries of the Indian monetary policies.
In the latest, India’s securities regulator, The Securities and Exchange Board of India (SEBI) approved the Invesco CoinShares Global Blockchain ETF.
This step of the SEBI agency is an appreciable and innovative move because, without the presence of any kind of legal status on crypto, they approved a crypto-backed ETF. So with this, it became the first-ever crypto Backed ETF product of India.
Invesco is inclined towards the crypto inclined and prominent companies like Coinbase, Bitfarms, SBI Holdings, and MicroStrategy. And in the last year, this company has given a return of around 89.52%.
Because of this success and approval by the SEBI, Invesco firm said that they are eager with the future assets class ( crypto) and added
“As blockchain technology is still in its early days, the potential for changing the global economy is immense. Like the internet, blockchain presents an opportunity for investors who can capture this hidden potential”
Recently, CoinShares bought the ETF entity of Elwood Technologies. The ETF entity of Elwood Technologies is working on digital assets trading with the fund of institutional clients.
To bring the Invesco Elwood Global Blockchain UCITS ETF (BCHN) to life, both parties established a partnership.
SEBI’ move an indication?
In the last month, SEBI released a notification and ordered all the financial advisors not to suggest any of their clients invest in unregulated assets like digital gold or digital assets.
But now, the approval of the crypto-backed inclined ETF is a clear-cut indication by the Indian regulatory body that India is going to legalize the crypto market soon.
Well, today a session in India’ Lok Sabha Sadan is going on “challenges and opportunities” with the crypto adoption.
Read also: SEC agency action on Terra blockchain creator company and its CEO
