India Prepares To Launch First Bitcoin ETF

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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 high-cap metauniverse-targeted stocks. Details were not specified.

Compliant products are being marketed as part of the India Financial Services Authority sandbox. 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. The Torus distribution team and partners will handle the distribution of the ETF.

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

In 2021, it became known about a possible legislative ban on cryptocurrencies, and it even touched on criminal liability for owners.

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

However, in November, there was another talk of the government’s intention to ban most “private currencies”. This caused 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.

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