SEBI warns investment advisers against trading cryptocurrencies – Bits Media

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Securities and Exchange Commission of India (SEBI) stated, that will take action against investment advisers, that provide trading services for unregulated digital assets.

SEBI has issued a warning to investment advisers that, that there is no need to interact with unregulated assets, including cryptocurrencies. The commission stated, what will take action in such situations.

“It has come to the attention of SEBI, that some registered investment advisers are engaged in unregulated activities, providing platforms for buying/selling/trading unregulated products. Carrying out such activities, including transactions, illegal."

The notice comes after a recent comment by Indian unicorn CoinSwitch Kuber CEO Ashish Singhal (Ashish Singhal). He told, that the country's government and regulators are in talks with the companies, dealing with cryptocurrencies, about the industry regulation plan.

Recall, that the concept of “unicorns” refers to startups, the cost of which exceeded $1 billion. CoinSwitch Kuber Exchange Powered by Tiger Global, Sequoia and Coinbase Ventures and has approximately 10 million users.

In September of this year, the Indian authorities revised their position regarding crypto assets, rejecting a complete ban, and began the phased development of a regulatory framework for their regulation.