Ajay Tiagi, Chairman of SEBI (Securities and Exchange Board of India), urged mutual funds against investing in crypto assets due to new government regulations. Tyagi addressed a press conference Tuesday. It is advisedFirms are asked to hold off on investing in crypto-related funds until they have clearer understanding of the regulatory and policy framework.

Although Indian regulations are currently unclear, cryptocurrency has experienced an explosive rise in popularity. Also, it is not clear if cryptocurrency investments are subject to tax in India.