Created by Cosmea Financial Holdings and Kling Trading India on a parity basis, Torus Kling Blockchain and the International Stock Exchange of India have signed a letter of intent to launch an 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 stocks focused on the metaverse of large-cap companies. Details are not specified.
Compliant products are sold within the sandbox of the International Financial Services Authority of India. If approved by regulators, they will be launched by the end of the first quarter.
Under the agreement, Torus Kling Blockchain will become a liquidity provider by providing an order routing system. Torus’ distribution team and partners will distribute the ETF.
The firm intends to raise $1 billion in the instrument over the first two years of operation.
Recall that at the beginning of 2021, it became known about a possible legislative ban on cryptocurrencies, it even came up with criminal liability for owners.
Later, information appeared that the authorities would legalize digital currencies as an asset class.
However, in November, there was again talk of the government’s intention to ban most “private currencies”. This caused a panic in the local market, which led to a short-term local drop in the price of bitcoin by 15%.
In December, the media reported that the authorities would still regulate digital assets instead of banning them.
