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although Continuing uncertainty about cryptocurrency regulation in India, local financial firms are backing new ventures aimed at launching Bitcoin (bitcoin) exchange-traded funds (ETFs).
Torus Kling Blockchain, a joint venture between financial firms Cosmea Financial Holdings and Kling Trading India backed by former Reliance Capital CEO Sam Ghosh, is gearing up to launch Bitcoin and Ethereum (Ethereum) Futures ETFs in India, The Economic Times report Thursday.
The company has signed a memorandum of understanding with India’s major stock exchange, Indian International Exchange (INX), to launch a crypto ETF as well as investment products that track major U.S.-listed Metaverse-related companies.
According to reports, Torus Kling Blockchain plans to launch an ETF in Gujarat International Fintech City (GIFT City) by the end of this fiscal year in India or by the end of March 2022. This requires approval from India’s International Financial Services Centres Authority (IFSCA) and other regulators, the report states.
India INX CEO Venkataramani Balasubramaniam said the stock exchange and GIFT IFSC are considering “exploring the launch of digital asset-based products” and have filed an application with IFSCA under a “regulatory sandbox.”
“This is part of our product innovation program to benchmark products with other international financial centers. After obtaining all necessary regulatory approvals, we will launch products in these new-age assets that comply with current laws,” the high Tube pointed out.
Krishna Mohan Meenavalli, CEO of Torus Kling Blockchain, said that cryptocurrencies are a new asset class and the “tip of the iceberg” of upcoming fintech innovation and adoption. “Exchange-traded products allow trading through regular investment accounts, bypassing the hassle and security concerns of cryptocurrency exchanges,” he said.
According to reports, by the end of 2021, the Securities and Exchange Board of India officially recognized The Invesco CoinShares Global Blockchain ETF Fund of Fund under Invesco Mutual Fund aims to invest in companies in the blockchain industry.
related: Central Bank of Pakistan reportedly wants to ban cryptocurrencies
The news comes as India INX is aggressively expanding into other markets and is reportedly turning to allow In early January, local investors were able to trade on the Moscow Exchange in Russia. As previously reported, Russian financial giant Sber Launching its own blockchain-related ETF Track Coinbase and Galaxy Digital in late 2021.
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