Indian INX exchange reportedly plans to list Bitcoin futures ETF

Despite
the

ongoing
uncertainty
about
cryptocurrency
regulation
in
India
,
local
financial
firms
are
backing
new
ventures
aiming
to
launch
Bitcoin
(BTC)
exchange-traded
funds
(ETF).

Torus
Kling
Blockchain,
a
joint
venture
between
Cosmea
Financial
Holding,
a
financial
firm
backed
by
former
Reliance
Capital
CEO
Sam
Ghosh,
and
Kling
Trading
India,
is
preparing
to
launch
Bitcoin
and
Ether
(ETH)
futures
ETFs
in
India,
The
Economic
Times

reported

Thursday.

The
company
has
signed
a
memorandum
of
understanding
with
India’s
major
stock
exchange,
the
India
International
Exchange
(INX),
to
launch
crypto
ETFs
alongside
investment
products
tracking
major
metaverse-related
companies
listed
in
the
United
States.

According
to
the
report,
Torus
Kling
Blockchain
is
planning
to
set
up
the
ETFs
in
the
Gujarat
International
Finance
Tec-City
(GIFT
City)
by
the
end
of
the
current
fiscal
year
in
India,
or
by
the
end
of
March
2022.
The
ETFs
are
subject
to
approval
by
India’s
International
Financial
Services
Centres
Authority
(IFSCA)
and
other
regulators,
the
report
notes.

​​India
INX
CEO
Venkataramani
Balasubramaniam
said
that
the
stock
exchange
and
GIFT
IFSC
are
looking
at
“exploring
the
launch
of
digital
asset-based
products”
and
has
already
applied
with
the
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,”
the
executive
noted.

Cryptocurrencies
are
a
new
asset
class
that
is
a
“tip
of
the
iceberg”
of
the
upcoming
fintech
innovation
and
adoption,
Torus
Kling
Blockchain
CEO
Krishna
Mohan
Meenavalli
said.
“Exchange
trade
products
allow
trading
through
regular
investment
accounts,
bypassing
the
hassle
and
security
concerns
of
cryptocurrency
exchanges,”
he
said.

In
late
2021,
India’s
Securities
and
Exchange
Board
reportedly

approved

Invesco
Mutual
Fund’s
Invesco
CoinShares
Global
Blockchain
ETF
Fund
of
Fund,
aimed
at
investing
in
blockchain
industry
companies.



Related:




Pakistan’s
central
bank
reportedly
wants
to
ban
crypto

The
news
comes
amid
India
INX
aggressively
extending
to
other
markets,
reportedly
moving
to

allow

local
investors
to
access
trading
on
Russia’s
Moscow
Exchange
earlier
in
January.
As
previously
reported,
Russian
financial
giant
Sber

launched
its
own
blockchain-related
ETF

tracking
Coinbase
and
Galaxy
Digital
in
late
2021.

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