Claim BonusBreaking: Indian Securities Regulator Bars Financial Advisors From Advising on Crypto
The Securities and Exchange Board of India (SEBI) has issued a circular addressed to investment financial advisors in the country, barring them from offering any financial advice on cryptocurrencies and similar unregulated markets.
SEBI in its circular noted that investment advisors have been found involved in unregulated activity by advising clients on crypto market investment. The circular warned of possible legal action under the SEBI act 1992.
“It has come to the notice of SEBI that some registered Investment Advisers are engaged in unregulated activity by providing a platform for buying/ selling/ dealing in unregulated products including digital gold. Investment Advisers are, hereby, advised to refrain from undertaking such unregulated activities. Any dealing in unregulated activities by Investment Advisers may entail action as deemed appropriate under the SEBI Act, 1992 and regulations framed thereunder.”
The warning from the chief securities regulator in India comes at a time when the country has risen to the second spot in terms of global crypto adoption. One chainalysis report claimed that Indian invested over $4 billion in the crypto market in 2021 compared to just $20 million last year.
Indan Crypto Ecosystem Booms Despite Regulatory Unclarity
The state of crypto regulations in India remains undetermined despite numerous insider reports of possible framework finalization this year. However, the state of regulations doesn’t seem to have impacted the general population as evident from the massive growth in their crypto investment. Apart from a monumental growth in crypto investment, Indian crypto companies are making a name world over with two unicorns in the form of CoinDCX and CoinSwitch Kuber coming this year itself.
Major venture capital firms have their eyes set on India be it a16z or the investment arm of Coinbase and several others. The last report regarding crypto regulations indicated the government would take a measured step and treat Bitcoin as an asset.
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Bitcoin Rises to $94k as Trump Signals Alternatives Ahead of Supreme Court Tariffs Ruling
- Rick Rieder’s Fed Chair Odds Rise as BlackRock CIO Calls for Rates to Fall to 3%
- Fed Rate Cut: Trump Calls for Powell to Lower Rates After Soft CPI Inflation Report
- Breaking: U.S. CPI Inflation Comes In At 2.7%, Bitcoin Rises
- Bitget Launches One-Click Bot Copying for Crypto Users as Algorithmic Trading Goes Mainstream
- Bitcoin Price Eyes $100k as Core US Inflation Slips Ahead of CLARITY Act Markup
- Why Is MSTR Stock Price Down Despite Recent Bitcoin Purchase
- Pi Coin Price Prediction: How Mainnet Migration and New Tokens Supply Could Affect Pi Network?
- Crypto Stocks To Watch: MSTR, Metaplanet, and S&P 500 price
- Solana Price Targets $200 as WisdomTree Declares Its Dominance Structural
- Bitcoin Price Prediction Amid DOJ Probe as Powell Indictment Fears Cool
