India is about to become its first Bitcoin ETF despite regulatory uncertainty

  • Torus Kling Blockchain will partner with two other companies to launch Bitcoin ETF, the first in India.
  • The ETF is expected to launch by the end of the fiscal year although the Indian government has not given any guidance or certainty regarding the digital assets.

Funds traded on Bitcoin exchanges (ETFs) have become the most anticipated new growth frontier, and India does not want to be left behind. Torus Kling Blockchain IFSC, a joint venture of two local entities, signed a memorandum of understanding to launch India ‘s first Bitcoin and Ethereum ETF before the end of the fiscal year, amid a lack of regulatory guidance.

Canada was one of the first countries to approve a Bitcoin ETF and it had immediate access. After rejecting several applications for a similar product, the U.S. SEC approved one last year, with even more success and further flooding.

Two Indian companies have teamed up to launch a similar product and hope to be able to extract gold as well as their Western counterparts. Cosmea Financial Holdings and Kling Trading India have partnered to establish the IFSC Torus Kling Blockchain, which has partnered with INX India to develop the product.

India INX will be the trading platform for BTC and ETH ETFs, with Cosmea as the dealer and Kling Trading handling the technology requirements.

Krishna Mohan Meenavalli, CEO of Torus Kling, said:

The new asset class is the top of the iceberg. Exchange products allow trading through normal investment accounts, avoiding the hassles and security issues of cryptocurrency exchanges.

Torus Kling has an ambitious target of $ 1 billion in assets under management in the first two years of the ETFs. While this goal of the company seems to go beyond its weight, the success of Bitcoin ETFs in the United States has shown that the market expects such a product.

When the ProShares launched Bitcoin ETF, investors showed huge interest on their first day and beyond. The ETF, which trades under the BITO ticker, broke $ 1 billion in just two days, a record for the U.S. market.

Krsna added:

Giving futures and launching cryptocurrency ETFs will attract many LRS markets in the City of Gifts as ETFs allow people to interact with digital assets from digital media.

The Indian cryptocurrency market is one of the fastest growing in the world. Exchanges like CoinSwitch Kuber and WazirX have seen huge interest, with the number of new trades and signatures increasing dramatically in recent years.

All this despite the regulations being in uncertainty, with the government oscillating between the resolution banning digital assets. The Reserve Bank of India has openly stated that it wants to ban cryptocurrencies, but Prime Minister Narendra Modi is in favor of favorable regulation.

Jean Simmons

Jean Simmons has been a cryptocurrency enthusiast since 2014 and has been dedicated to the topic on a daily basis since she first learned about Bitcoin and blockchain technology. Besides cryptocurrency, Jean studied computer science and worked for two years at a blockchain startup. At Mercayala, he is responsible for technical issues. His goal is to bring cryptocurrencies to the world in a simple and understandable way.

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