In Brief:
- Invesco Mutual Fund announced that it has deferred the launch of Invesco CoinShares Global Blockchain ETF Fund of Funds (FoF).
- The press release cites the upcoming “ legislative framework” by Indian lawmakers as the reason for postponing the launch.
- The new launch dates will be announced at a later date.
On 17 November, Invesco Mutual Fund announced that it has deferred the launch of Invesco CoinShares Global Blockchain ETF Fund of Funds (FoF), due to the uncertainty around the regulations of cryptocurrencies in India.
In the press release, the firm stated, “From the developments of the last few days, Indian lawmakers have been meeting participants in the country’s digital assets industry, which will likely culminate in a new legislative framework being formulated. In light of the above, we believe it is important for investors to fully understand all aspects before making long term investment decisions.”
Invesco CoinShares Global Blockchain ETF Fund of Fund was originally scheduled to open for subscription on November 24th, 2021. However the new launch dates will be announced at a later date.
It is worth noting that this global feeder fund is the first scheme in India to get approval from the Securities and Exchange Board of India (Sebi) that offers exposure to global companies participating in the blockchain ecosystem.
The past few days have been quite eventful when it comes to the future of crypto in India. As per reports, the Indian Government is planning to classify crypto exchanges as e-commerce platforms which will decrease the goods and services tax (GST) from 18% to 1%.
There was even a discussion held between cryptocurrency stakeholders and the parliamentary panel on Monday to explore the opportunities and challenges involving crypto financing. The industry executives who attended the meeting disclosed that the conversation was a positive one.
