Mudrex to Bring US Spot Bitcoin ETFs to Indian Investors
Mudrex, an Indian cryptocurrency investment platform, is set to revolutionize the market by offering US spot Bitcoin (BTC) exchange-traded funds (ETFs) to institutional and retail investors in India. This move grants Indian institutions access to spot Bitcoin ETFs that were previously only available to retail investors through US stock investing firms.
Breaking Barriers: Indian Investors Can Invest in US Spot Bitcoin ETFs
- Mudrex becomes the first investment platform in India to offer US spot Bitcoin ETFs to institutions.
- The platform plans to list the top four BTC ETFs from BlackRock, Fidelity, Vanguard, and Franklin Templeton in its initial phase.
- Mudrex is fully compliant with Indian regulatory frameworks and registered with the Financial Intelligence Unit (FIU) of India.
- The platform offers access to over 350 cryptocurrencies and crypto baskets, along with actionable insights for effective investment decisions.
- Mudrex’s CEO and co-founder, Edul Patel, highlights the importance of the platform’s robust banking relationships in facilitating seamless transactions for users navigating the complexities of the Liberalized Remittance Scheme (LRS) process.
Mudrex Facilitates Indian Investors’ Access to Crypto ETFs Through the Liberalized Remittance Scheme
Indian investors looking to invest in crypto ETFs have two options: domestic exchanges or the Liberalized Remittance Scheme (LRS). Mudrex aims to leverage the LRS route, making it easier for its clientele to access spot Bitcoin ETFs. The LRS incurs a 20% tax collected at source on remittances.
- Mudrex will process actual transactions through broker partners in the US while its Indian subsidiary facilitates the spot Bitcoin ETF service.
- India’s regulatory landscape surrounding cryptocurrency remains complex, with divergent views from the Reserve Bank of India (RBI) and the Finance Ministry.
- The compatibility of bitcoin spot ETFs with the LRS simplifies overseas investments for Indians, aligning with the RBI’s prescribed annual LRS limit.
- Utilizing domestic crypto exchanges in India subjects investors to a 1% tax deducted at source on crypto asset transfers and a 30% tax on profits.
Hot Take: Mudrex Pioneers Access to US Spot Bitcoin ETFs in India
Mudrex’s introduction of US spot Bitcoin ETFs to Indian investors marks a significant milestone in the country’s cryptocurrency market. By offering this service to institutions, Mudrex breaks barriers and opens up new investment opportunities. The platform’s commitment to compliance and its robust banking relationships ensure seamless transactions for users navigating the LRS process. With Mudrex leading the way, Indian investors can now access global cryptocurrency markets like never before.
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