India launches first bitcoin ETF

Created by Cosmea Financial Holdings and Kling Trading India on a parity basis, Torus Kling Blockchain and the International Stock Exchange of India have signed a letter of intent to launch an ETF based on Bitcoin and Ethereum futures.

The partners will also launch Asia’s first discount certificates that track the performance of stocks focused on the metaverse of large-cap companies. Details are not specified.

Compliant products are sold within the sandbox of the International Financial Services Authority of India. If approved by regulators, they will be launched by the end of the first quarter.

Under the agreement, Torus Kling Blockchain will become a liquidity provider by providing an order routing system. Torus’ distribution team and partners will distribute the ETF.

The firm intends to raise $1 billion in the instrument over the first two years of operation.

Recall that at the beginning of 2021, it became known about a possible legislative ban on cryptocurrencies in India, it even touched upon criminal liability for owners.

Later, information appeared that the authorities would legalize digital currencies as an asset class.

However, in November, there was renewed talk of the Indian government’s intention to ban most “private currencies.” This caused a panic in the local market, which led to a short-term local drop in the price of bitcoin by 15%.

In December, the media reported that the authorities would still regulate digital assets instead of banning them.

Subscribe to ForkLog news on Telegram: ForkLog Feed – the entire news feed, ForkLog – the most important news, infographics and opinions

Found a mistake in the text? Select it and press CTRL+ENTER




Leave a Reply

Your email address will not be published.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

On Key

Related Posts

Cases of monkeypox

Published on 21.05.2022 Estimated reading time: 1 minute Share this article on: Europe » Eleven new cases of monkeypox have been identified in the UK,