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Invesco Defers Launch of Blockchain ETF in India
The fund manager cited regulatory uncertainty; India’s government is discussing new crypto legislation.
Updated May 11, 2023, 4:09 p.m. Published Nov 18, 2021, 6:51 a.m.
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Invesco is deferring the launch of a blockchain exchange-traded fund (ETF) in India due to regulatory uncertainty, the company said in a press release on Wednesday.
- Indian lawmakers have been meeting with representatives from the crypto industry in the past few days to mull a new legislative framework for crypto.
- The fund manager said that in light of these ongoing discussions, it is important to understand all aspects before making long-term investment decisions.
- CoinShares and Invesco Asset Management India were set to launch the vehicle between Nov. 24 and Dec. 8 this year.
- The fund would not directly invest in bitcoin or crypto, but on an index of 50 listed companies with crypto exposure, such as Galaxy Digital and Tesla.
- Invesco halted its effort to launch a bitcoin futures ETF in the U.S. in October, just a day before its competitor ProShares opened the first bitcoin futures ETF started trading on the New York Stock Exchange.
Read more: Invesco India and CoinShares to Launch ‘Feeder Fund’ of Blockchain Stocks
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American crypto holders are scared and confused about this year’s new IRS tax rules
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- The onus falls on the holder of crypto to “patch” what’s missing in terms of their crypto acquisition costs and actual tax basis.
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