The INX exchange, which is owned by the Indian Derivatives Exchange Ltd. (IDIL) just announced that it plans to list Bitcoin futures ETFs on its platform. IDIL’s plan of listing these products has been met with mixed reactions from crypto enthusiasts and investors worldwide who are eagerly awaiting more clarity on whether this will be a step towards greater institutional adoption for cryptocurrencies
The “crypto” is a digital currency that uses cryptography to control the creation of new coins. It was created by Satoshi Nakamoto in 2008. In India, the INX exchange reportedly plans to list Bitcoin futures ETF.
Even though there is still confusion over the legality of cryptocurrencies in India, local financial institutions are supporting new initiatives trying to introduce Bitcoin (BTC) exchange-traded funds (ETF).
The Economic Times reported on Thursday that Torus Kling Blockchain, a joint venture between Cosmea Financial Holding and Kling Trading India that is supported by former Reliance Capital CEO Sam Ghosh, is getting ready to provide Bitcoin and Ether (ETH) futures ETFs in India.
A memorandum of understanding between the company and India’s largest stock exchange, the India International Exchange (INX), has been signed in order to launch cryptocurrency exchange-traded funds (ETFs) alongside investment products that track significant US-listed US companies with a metaverse focus.
By the conclusion of the current fiscal year in India, or by the end of March 2022, Torus Kling Blockchain intends to establish the ETFs at the Gujarat International Finance Tec-City (GIFT City). The International Financial Services Centres Authority (IFSCA) of India and other authorities must approve the ETFs, the research said.
The stock exchange and GIFT IFSC are “exploring the introduction of digital asset-based goods,” according to India INX CEO Venkataramani Balasubramaniam, and have already submitted an application to the IFSCA under the “regulatory sandbox” category.
This is a part of our effort to assess our product offerings against those of other global financial centers. After getting the necessary post regulatory permissions, we will launch goods in these new-age assets in accordance with the applicable regulations, the CEO stated.
According to Torus Kling Blockchain CEO Krishna Mohan Meenavalli, cryptocurrencies represent a brand-new asset class that is only the “tip of the iceberg” in terms of impending fintech innovation and acceptance. In order to avoid the bother and security issues associated with cryptocurrency exchanges, he stated, “Exchange trade products enable trading via conventional investment accounts.”
Invesco Mutual Fund’s Invesco CoinShares Global Blockchain ETF Fund of Fund, intended for investing in blockchain sector businesses, allegedly received approval from India’s Securities and Exchange Board in the latter half of 2021.
Related: Reportedly, Pakistan’s central bank wants to outlaw cryptocurrency
The news comes as India INX is apparently seeking to enable local investors to access trading on Russia’s Moscow Exchange earlier in January. India INX is actively expanding to other markets. As was previously reported, in late 2021 the Russian banking behemoth Sber introduced its own blockchain-related ETF that followed Coinbase and Galaxy Digital.
The “Indian INX exchange reportedly plans to list Bitcoin futures ETF” is a recent development that has been reported by the media. The exchange will be listing the fund in an effort to attract more investors. Reference: u.s. crypto holders.
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