Značka: Reserve Bank of India

Indian INX exchange reportedly plans to list Bitcoin futures ETF

Despite the ongoing uncertainty about cryptocurrency regulation in India, local financial firms are backing new ventures aiming to launch Bitcoin (BTC) exchange-traded funds (ETF).Torus Kling Blockchain, a joint venture between Cosmea Financial Holding, a financial firm backed by former Reliance Capital CEO Sam Ghosh, and Kling Trading India, is preparing to launch Bitcoin and Ether (ETH) futures ETFs in India, The Economic Times reported Thursday.The company has signed a memorandum of understanding with India’s major stock exchange, the India International Exchange (INX), to launch crypto ETFs alongside investment products tracking major metaverse-related companies listed in the United States.According to the report, Torus Kling Blockchain is planning to set up the ETFs in the Gujarat International Finance Tec-City (GIFT City) by the end of the current fiscal year in India, or by the end of March 2022. The ETFs are subject to approval by India’s International Financial Services Centres Authority (IFSCA) and other regulators, the report notes.​​India INX CEO Venkataramani Balasubramaniam said that the stock exchange and GIFT IFSC are looking at “exploring the launch of digital asset-based products” and has already applied with the IFSCA under “regulatory sandbox.”“This is a part of our product innovation initiative to benchmark offerings with other international financial centers. We will be launching products in these new-age assets in compliance with the prevailing laws after receiving all required post regulatory approvals,” the executive noted.Cryptocurrencies are a new asset class that is a “tip of the iceberg” of the upcoming fintech innovation and adoption, Torus Kling Blockchain CEO Krishna Mohan Meenavalli said. “Exchange trade products allow trading through regular investment accounts, bypassing the hassle and security concerns of cryptocurrency exchanges,” he said.In late 2021, India’s Securities and Exchange Board reportedly approved Invesco Mutual Fund’s Invesco CoinShares Global Blockchain ETF Fund of Fund, aimed at investing in blockchain industry companies.Related: Pakistan’s central bank reportedly wants to ban cryptoThe news comes amid India INX aggressively extending to other markets, reportedly moving to allow local investors to access trading on Russia’s Moscow Exchange earlier in January. As previously reported, Russian financial giant Sber launched its own blockchain-related ETF tracking Coinbase and Galaxy Digital in late 2021.

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SEBI chief warns Indian mutual funds on investing in cryptocurrency offerings

The Chairman of the Securities and Exchange Board of India (SEBI) Ajay Tyagi urged mutual funds to avoid investing in crypto-related assets as the government considers new cryptocurrency rules. Speaking at a press conference on Tuesday, Tyagi advised firms to refrain from investing in funds linked to crypto assets until there is clarity on the policy and regulatory framework.“Those who have invested in mutual funds, – in companies related to crypto assets or foreign firms through fund-of-funds (FOF) – my thinking is that till we get clarity on its (crypto’s) policy, businesses should not make such investments,” said the SEBI chairman.While the regulatory environment for cryptocurrency in India is currently murky, the country has already witnessed an exponential rise in its popularity. It’s also unclear if crypto investments come with any tax obligations in the country.Tyagi’s remarks come following the recent event involving an asset management firm (AMC), Invesco Mutual Fund. Despite Sebi’s approval, it delayed its blockchain fund last month owing to legislative uncertainty.There have been talks about cryptocurrency being discussed in Parliament during the winter session recently. The talks gained further momentum following a parliamentary standing committee on finance’s meeting with cryptocurrency stakeholders to identify possible opportunities and challenges that may occur when it comes to crypto financing and investment.Related: Institutional managers hold a record $72.3B of crypto — CoinSharesThe Indian government had formally planned to introduce the Cryptocurrency and Regulation of Official Digital Currency Bill, 2021, for debate in the parliament during its current winter session. The bill, however, does not appear among the bills that India’s lower house will consider as it concludes the winter session.Meanwhile, Indian Prime Minister Modi has been increasingly vocal regarding cryptocurrencies in 2021. During the recent Sydney Dialogue, Modi urged democratic nations to collaborate in order to make the most of cryptocurrencies and blockchain technology. He also warned against their malicious use.

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Indian CoinDCX crypto exchange to go global in 2022, says exec

Ongoing uncertainty around cryptocurrency regulation in India isn’t stopping domestic crypto companies from launching global offerings.Indian cryptocurrency exchange CoinDCX is preparing to move forward with its global crypto-to-crypto trading platform — dubbed Cosmex — in 2022, according to a senior executive at the company.Ramalingam Subramanian, head of brand, marketing and communications at CoinDCX, told Cointelegraph that CoinDCX has significant ambitions regarding the exchange’s global expansion as its upcoming platform will target a global audience.The firm initially announced the development of Cosmex in February 2021, planning to expand CoinDCX’s footprint to the global markets amid the increasing global demand and acceptance for cryptocurrencies.According to Subramanian, the launch of Cosmex is coming “most likely next year” and will initially launch in Western Europe and Southeast Asia.Cosmex “has nothing to do specifically with what’s happening in India,” Subramanian stressed, adding that the platform rather seeks to respond to the “huge demand” for crypto services outside of India. He added that CoinDCX is not willing to add to speculation around regulatory uncertainty in India by discussing scenarios where Indian regulators take a tougher stance on the industry.Related: India’s crypto unicorn CoinDCX has no immediate plans for IPOSubramanian noted that CoinDCX’s main platform is “focused on India generally” and has restrictions for certain countries.After lifting a major ban on crypto services in 2020, Indian authorities have been reportedly considering other restrictions for the industry. However, experts are confident that the Indian government would most likely choose to regulate rather than ban its growing crypto economy.

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Law Decoded: Bitcoin exchange-traded funds are put on the spot again, Nov. 29–Dec. 6

Do you remember the time when a fleeting mention of Bitcoin, stablecoins, or even central bank digital currencies by a top-ranking government official was considered major news all over the cryptoverse? Feels like It’s been forever. As we find ourselves in the midst of digital assets’ global mainstreaming, such statements come in droves every day and are expected. Randal Quarles, an outgoing member of the U.S. Fed’s board of governors, warned against overregulating stablecoins and even rebuked some of the conclusions that the President’s Working Group on Financial Markets had articulated in its November report. Treasury Secretary Janet Yellen admitted to remaining undecided on the issue of the digital dollar, but prospective Fed Vice Chair Lael Brainard seems to be all in on the CBDC project. It goes without saying that the leading makers of economic policy are deeply immersed in these issues.Below is the concise version of the latest “Law Decoded” newsletter. For the full breakdown of policy developments over the last week, register for the full newsletter below.SEC on the ETF hot seat againMeanwhile, the Securities and Exchange Commission is standing its ground on spot Bitcoin exchange-traded funds. WisdomTree’s application for a spot BTC product to be traded on the CBOE bZx Exchange became yet another one to be turned down by the regulator. The rationale for the decision was familiar as the SEC’s verdict cited the proposed ETF’s sponsors’ lack of demonstrated capacity to prevent fraud and manipulation and protect investors. The SEC has been under fire from multiple directions for its discriminatory stance of accepting derivatives-based products based on an asset’s derivatives while inhibiting the products based on the asset itself. The latest round of criticism came from asset manager Grayscale Investments in a letter to SEC Secretary Vanessa Countryman where the firm argues that the failure to treat the two types of BTC-based products equally constitutes a violation of the Administrative Protections Act (APA). Crypto CEOs to go up the HillLater this week, the U.S. House Committee on Financial Services is calling a hearing squarely focused on digital assets and the future of finance — in fact, that is what the hearing is called officially. Top crypto CEOs, including those of Circle, FTX, Bitfury and Coinbase, will climb Capitol Hill to make their case for benign regulation of the industry and defend its role in the nation’s economic competitiveness. This could be the biggest opportunity in months for the leaders of the crypto space to catch key lawmakers’ ears and directly deliver their opinions and recommendations.Clampdown updatesThe last issue of this newsletter focused extensively on the disconcerting news out of India where a new bill hinted at a possible blanket ban on all “private cryptocurrencies.” The good news is that things might be less dreadful than they initially appeared. The bill’s sponsor, former Indian Finance Secretary Subhash Garg, followed up with a statement that the language around the prospective ban was “misleading” and that the actual shape of the nation’s crypto regulation will emerge after extensive discussions with stakeholders and industry participants.Furthermore, a cabinet note obtained by local media suggested that the government had been eyeing a set of regulatory measures around crypto assets rather than an outright ban.

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