The Rise of Crypto ETFs in India
Despite lingering regulatory clouds, the Indian finance world is buzzing as local firms gear up to launch Bitcoin (BTC) and Ether (ETH) futures exchange-traded funds (ETFs). Just imagine a future where you could trade crypto through regular accounts—no more dodgy exchanges!
Torus Kling Blockchain: A Fresh Venture
Leading the charge is the newly minted Torus Kling Blockchain, a collaboration between Cosmea Financial and Kling Trading. With Sam Ghosh, former Reliance Capital CEO, bringing some heavy financial artillery, this venture aims to get those crypto ETFs off the ground.
A Strategic Partnership
As if that weren’t enough, they’ve struck a deal with the India International Exchange (INX) to launch crypto ETFs and investment products tied to high-flying metaverse companies listed in the U.S. This is panning out to be the perfect marriage of innovation and infusion of digital finance into traditional markets!
Location, Location, Location: The GIFT City Advantage
The ambitious plans include setting up ETFS in the Gujarat International Finance Tec-City (GIFT City) by the end of the current fiscal year, which wraps up by March 2022. Clearly, Torus Kling is shooting for the stars—all that’s needed now is the stamp of approval from India’s International Financial Services Centres Authority (IFSCA).
Regulatory Pathway
As India INX CEO Venkataramani Balasubramaniam noted, they’re ready to dive into the regulatory sandbox, exploring digital asset-based products. Because who doesn’t love a bit of innovation combined with compliance?
Empowering Investors with New Products
Krishna Mohan Meenavalli, the hotshot CEO of Torus Kling Blockchain, believes that these products will usher in a new era of fintech for India. “Exchange trade products allow regular folks to dip their toes into crypto without dealing with the notorious security concerns of crypto exchanges,” he explains, pointing out the importance of accessibility in this new financial landscape.
Looking Back: Previous Steps Toward Crypto Acceptance
It’s essential to acknowledge that this isn’t cryptocurrency’s first dance in India. Just last year, the Securities and Exchange Board of India gave a thumbs-up to the Invesco CoinShares Global Blockchain ETF Fund—a significant stride toward recognizing blockchain as a legitimate player in the funds game.
Expansion Beyond Borders
The INX is not only focusing on crypto; they’re exploring other markets, including a venture to allow local investors on Russia’s Moscow Exchange. This fusion of local and global markets could reshape how Indian investors perceive and access digital assets.
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