In a memorandum of understanding, Torus King Blockchain IFSC and India INX recently partnered to launch India’s first Bitcoin-Ethernet ETF product. This is the first Bitcoin futures ETF that has been launched outside the United States.
An Indian Crypto Exchange Fund
As reported by The Economic Times, the ETF will launch under the International Financial Services Centres Authority (IFSCA)’s sandbox structure.
Torus is responsible for providing liquidity to India INX through smart order routing. The Torus global distribution team will distribute the ETF.
” This is part of our product innovation initiative, to benchmark offerings with international financial centres,” stated Mr. V. Balasubramaniam (Managing Director & CEO, India INX). After receiving all regulatory approvals, we will launch products in these new-age assets.
The ETF launch will be accompanied also by Metaverse U.S.-listed large capitalization discount certificates. A discount certificate is a short term debt obligation that is issued at a lower rate than the market rate. It is usually issued by high-credit organizations.
Torus intends to launch the ETF at GIft City before the end of Fiscal Year, in accordance with IFSCA regulations.
India’s Approach to Ban or No Ban
The announcement may appear surprising given India’s history of hostility towards cryptocurrency. However, the country has recently begun reconsidering its outright ban on the technology, possibly opting for regulation instead.
Launching an ETF of this nature would put India in the same place as the United States when it comes to fund approval. While having launched a highly popular Bitcoin Futures ETF in October, the SEC is yet to approve a spot ETF out of inves