The Securities and Exchange Board of India (SEBI) has approved the Invesco CoinShares Global Blockchain UCITS ETF, making it India’s first
India’s Invesco CoinShares Global Blockchain UCITS ETF Approved
The Securities and Exchange Board of India (SEBI) has approved the Invesco CoinShares Global Blockchain UCITS ETF, making it India’s first.
The aforementioned ETF provides exposure to global crypto and blockchain companies. The CoinShares ETF invests in Bitfarms, a Canadian bitcoin miner, Coinbase Global Inc., a US crypto exchange, and MicroStrategy Inc., the world’s largest corporate crypto holder.
These types of investment funds are widespread in the West, but they would be a first in India.
“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,” Invesco MF said in the product document.
The Indian government’s attitude on crypto regulation is currently unclear, but considering the recent growth in popularity of the crypto market and the growing number of crypto unicorns in India, recent rumors suggest that good laws may be on the way.
The US Securities and Exchange Commission (SEC) has rejected a proposal for a spot Bitcoin ETF
The US Securities and Exchange Commission (SEC) yesterday rejected VanEck’s request for a spot Bitcoin ETF, citing that the industry is still in its infancy and vulnerable to market manipulation. The crypto world had high expectations after a US regulatory authority approved Bitcoin Strategic ETFs based on the futures market last month.
Gary Gensler, the chairman of the Securities and Exchange Commission in the United States, had previously stated that a spot-based Bitcoin ETF would have a difficult time gaining SEC approval.
According to Gensler, the crypto market need explicit investor protection rules to provide a level playing field. Thus, the SEC’s rejection of the VanEck ETF came as no surprise to Bloomberg top ETF analyst Balchunas, who expected that a spot ETF will eventually obtain approval from the SEC, but not until next year.
