Asia’s first cryptocurrency exchange traded fund (ETF) would be a reality soon. The crypto ETF would be available in the Gujarat International Finance Tech (GIFT) City, Gujarat (India), by March 2022.
*A memorandum of understanding (MoU) has been inked between Torus Kling Blockchain IFSC, a joint venture between Mumbai-based Cosmea Financial Holdings and Hyderabad-based Kling Trading India.
*As soon as the ETF gets regulatory approvals, Indian investors will be able to invest in it using the RBI's liberalised remittances scheme (LRS) route.
*While annual cryptocurrency derivatives trading volume stands at nearly US$3.2 trillion, spot volume is nearly US$2.7 trillion, according to global estimates.