Invesco Mutual Fund has filed papers with the Securities and Exchange Board of India (SEBI) to launch a scheme, which will invest in Invesco Elwood Global Blockchain Exchange Traded Fund.

Invesco Elwood Global Blockchain Fund of Fund (FoF) will invest in Invesco Elwood Global Blockchain UCITS ETF, an exchange traded fund listed on global stock markets.

If SEBI gives approval, it would be the first fund that will give an option to Indian investors to participate in the blockchain ecosystem and diversify their portfolio by investing beyond their home country and benefit from businesses not listed in India. 

The ETF aims to mimic returns of Elwood Blockchain Global Equity Index, which consists of companies that make their earnings from blockchain technology.

The top 10 holdings of Elwood Global Blockchain UCITS ETF is Bitfarms (Canada), Hive Blockchain Technologies, Coinbase Global Inc, SBI Holdings Inc, Monex Group Inc, Taiwan Semiconductor Manufacturing Co, GMO Internet Inc, Kakao Corp, MicroStrategy Inc and Aker ASA.

India has been adapting and molding its regulations for crypto services and products for a while now.

And the fact that India ranks in second in crypto adoption globally indicates that it is a necessary topic indeed.

By now, India is working on a cryptocurrency regulation that will be based on use cases of each crypto. The next steps will tell if the country will enter the selected first group of countries that are regulating cryptocurrency’s use for economical improvement.