Through a newly established memorandum of understanding, Torus King Blockchain IFSC has partnered with India’s international exchange (India INX) to launch the country’s first Bitcoin and Ethereum ETF product, launched based on under the supervision framework of the International Financial Services Authority (IFSCA).
Furthermore, the ETF will be distributed through the global distribution team of Torus and its partners. In addition, Torus is also targeting $1 billion in assets under management (AUM) in the first two years. INX India Managing Director V. Balasubramaniam said: “This is part of our strategic innovation that helps standardize service offerings with many other international financial centres”.
Besides, Krishna Mohan Meenavalli, CEO of Torus Kling Blockchain IFSC further shared that the ETF will allow trading through conventional investment accounts while also protecting traders and their investment assets. from concerns about the security of cryptocurrency exchanges. Torus Kling Blockchain IFSC plans to launch an ETF in Gift City later this year, subject to IFSCA and other regulatory approvals.
If fully implemented, the Torus ETF product will be the first crypto-backed futures ETF to appear outside of the United States, which has already approved three Bitcoin ETFs in operation by the end of the year. 2021, including the ProShares Bitcoin Strategy ETF (BITO), The Valkyrie Bitcoin Strategy ETF (BTF), and VanEck’s Bitcoin.
However, this announcement may seem quite surprising given that India’s “hostile” relationship with crypto has become extremely serious in the past few months. India constantly makes the investor community restless, starting with the proposed law to build a CBDC and ban “most” of cryptocurrencies, causing the price of Bitcoin (BTC) in India to “collapse” 10,000 USD, to the attitude of “changing voice” after receiving a lot of pressure from public opinion.
However, India has recently begun reconsidering its outright ban on the industry, possibly opting for a more appropriate form of regulation this year instead. However, the legal battle in the country is still not quite stable at the moment, as the flames of debate continue to be fanned by the Central Bank of India (RBI), asking the government to follow suit Chinese way.
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