Cosmea Financial Holdings and Kling Trading India, together with Torus Kling Blockchain and the International Stock Exchange of India, signed a memorandum of understanding to launch ETF based on Bitcoin and Ethereum futures.
Bitcoin ETF: Torus Kling Blockchain to launch India’s first Bitcoin ETFs https://t.co/TvYX8SRnnp via @NFTSWAGG #klingGroup #BitcoinEthereumFutures #KlingBlockchain
— Kling Finance (@KlingFinance) January 13, 2022
The partners will also launch Asia’s first discount certificates that track the performance of large-cap metaverse-focused companies. Details were not disclosed.
The products, meeting regulatory requirements, will be implemented within the sandbox of the International Financial Services Centres Authority of India. If regulators approve them, they will be launched by the end of the first quarter.
Under the agreement, Torus Kling Blockchain will act as the liquidity provider, supplying an order-routing system. The Torus distribution team and its partners will handle distributing the ETF.
The firm aims to attract $1 billion into the instrument over its first two years of operation.
Earlier in 2021, reports emerged of a possible cryptocurrency ban in India, with talk of criminal liability for holders.
Later, authorities would legalize digital currencies as an asset class.
However in November there were again talks about the Indian government’s intention to ban most “private currencies”. This sparked panic in the local market, leading to a short-term local dip in Bitcoin’s price by 15%.
In December, media reported that authorities would regulate digital assets instead of banning them.
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