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05 March 2021

India's Regulator Tells Companies to Sell Bitcoin Prior to IPOs: Report - Decrypt

India's Regulator Tells Companies to Sell Bitcoin Prior to IPOs: Report - Decrypt


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SEBI has asked promoters of such companies to sell off any cryptocurrencies they hold before raising funds from the public, the report said, adding that investment bankers and securities lawyers involved with any ongoing Initial Public Offering (IPO) process were already informed of the new regulation.

The concerns come as the executives of some public companies in the US, most notably MicroStrategy CEO Michael Saylor, have championed a strategy of using company funds to buy Bitcoin.

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