After the SEC approved the ProShares Bitcoin ETF in October last year, the Indian crypto market takes the first step in the same direction.
India To Get Its First Crypto ETF
One of the largest cryptocurrency markets in the world, India, will soon get its first crypto-based exchange-traded fund (ETF).
Torus Kling Blockchain IFSC signed a memorandum of understanding (MoU) with India INX on January 13 to launch BTC and ETH futures-related ETFs in the market as well as Metaverse US-listed large-cap discount certificates. Torus Kling Blockchain IFSC is a 50:50 joint venture (JV) between Cosmea Financial Holdings (CFH) and Kling Trading India. The crypto futures-based ETF will be launched under a sandbox construct of the International Financial Services Centres Authority (IFSCA).
“India INX at GIFT IFSC is looking at exploring the launch of Digital Asset-based products and has already made an application to IFSCA under Regulatory Sandbox. This is a part of our product innovation initiative to benchmark offerings with other international financial centers. We will be launching products in these new-age assets in compliance with the prevailing laws after receiving all required post regulatory approvals,” said Mr. V. Balasubramaniam, Managing Director & CEO, India INX, in the official press release.
“New asset class is the tip of the iceberg. Exchange trade products allow trading through regular investment accounts, bypassing the hassle and security concerns of cryptocurrency exchanges”, added Krishna Mohan Meenavalli, CEO, Torus Kling Blockchain IFSC.
However, the lack of regulatory clarity regarding cryptocurrencies has been an obstacle to growth due to hiccups caused along the way. In one such instance recently, as previously reported by Bsc.News, the Binance owned exchange, WazirX, was fined $6.6 million on Dec. 31 for Goods & Services Tax (GST) invasion, including interest amount for the tax invaded and penalties by the Mumbai GST Commissionerate. In the official statement, the agency revealed that it would expand its crackdown to other cryptocurrency exchanges in the region as well.
Source : bsc.news
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