Why Indian MFs Can’t Invest in Crypto Products

What are blockchain funds?

Blockchain is a digital ledger system that facilitates the process of recording transactions and keeping track of assets on a network. It is possible to have blockchain without crypto, but in practice the two are strongly interconnected. Cryptocurrency tends to power the resources needed for a public blockchain network. Unlike certain crypto-based investments, blockchain funds invest in multiple companies that generate sustainable profits from blockchain companies. Some key companies in this ecosystem are US-based Coinbase Global Inc and Advanced Micro Devices Inc, and Japanese GMO internet Inc.

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Why did Sebi block blockchain funds?

The regulator’s concerns stem from unclear regulations on cryptocurrencies in India. While investing, trading and holding crypto assets is allowed in India as of now, the laws are not yet clear on how they will be regulated and taxed. There is a possibility that the government could ban crypto trading altogether or put strict thresholds in place for investors to deal with this new asset. For tax reasons, short-term capital gains (less than 36 months) from individual crypto investments are taxed at the personal tax rate, but there are no clear guidelines for fund investments.

Has an MF applied for blockchain fund?

The Invesco CoinShares Global Blockchain ETF Fund of Fund (FoF) had received approval from Sebi and would have been India’s first plan to offer exposure to global blockchain companies. The start was later postponed. Sachin Bansal’s Navi MF has also applied for a FoF blockchain index. The scheme will track the Indxx Blockchain Index, which comprises a total of 100 stocks.

How big are the global blockchain funds?

Amplify Transformational Data Sharing ETF (trading symbol, BLOK) is one of the largest exchange-traded blockchain funds in the United States with assets under management (AUM) of $ 1.4 billion. The exchange-traded fund has generated returns of over 49% on an annual basis. Ireland-based Invesco CoinShares Global Blockchain UCITS ETF, another large fund with around $ 1 billion in assets under management, has returned around 50% annually. By comparison, India’s small cap index is up around 60% this year.

Are Blockchain Funds a Good Investment?

Blockchain is best known as the technology that underpins cryptocurrencies like Bitcoin, Ether, as well as Dogecoin and Shiba Inu. But it’s much more than that, because technology creates value by revolutionizing the way assets and digital records are managed and transferred. Many companies, especially in the financial services space, are investing millions of dollars in researching and building blockchain infrastructures. Although the technology is still in its infancy in India, its potential across the board is enormous.

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