The Securities and Exchange Board of India (SEBI), the country’s top securities regulator, issued a notice to advisers on Thursday warning them not to deal in assets that are not regulated in the country.
- SEBI said it would take action against any investment adviser dealing in unregulated assets, including digital gold. Cryptocurrencies are also considered unregulated assets.
- The notice comes on the back of recent comments from the CEO of India’s newest crypto “unicorn,” CoinSwitch Kuber, that the government and regulators are in talks with crypto companies for a plan to regulate the industry.
- The Indian government has seemingly relaxed its plans to ban crypto outright, and is now looking to regulate its use in illegal transactions.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.