The Securities and Exchange Board of India (SEBI), the country’s top securities regulator, issued a notice to advisers on Thursday warning them not to deal in assets that are not regulated in the country.
SEBI said it would take action against any investment adviser dealing in unregulated assets, including digital gold. Cryptocurrencies are also considered unregulated assets.
The notice comes on the back of recent comments from the CEO of India’s newest crypto “unicorn,” CoinSwitch Kuber, that the government and regulators are in talks with crypto companies for a plan to regulate the industry.
The Indian government has seemingly relaxed its plans to ban crypto outright, and is now looking to regulate its use in illegal transactions.