Mudrex Enables Indian Investors to Access US Spot Bitcoin ETFs
Mudrex, a crypto investment firm based in India, is set to offer Indian investors the opportunity to invest in U.S. spot Bitcoin exchange-traded funds (ETFs). This move not only allows Indian investors to gain exposure to Bitcoin security through financial giants like BlackRock and Fidelity, but it also presents an opportunity for spot Bitcoin ETFs to tap into the potential of the Indian market.
Mudrex is fully compliant with Indian regulations and is registered with the Financial Intelligence Unit (FIU) of India. The platform enables users to invest in over 350 cryptocurrencies and crypto baskets, providing actionable insights.
Indian Investors Can Access Crypto ETFs Through Mudrex
Indian investors have two options for purchasing crypto ETFs:
- Through Indian exchanges
- Through the Liberalised Remittance Scheme (LRS) route, which incurs a 20% tax collected at source (TCS) on remittance
Mudrex plans to utilize the LRS route to offer its services. Under the LRS, individuals are allowed to remit up to $250,000 per year. Mudrex will enable Indian investors to invest in spot Bitcoin ETFs with a minimum investment of $5,000 and a maximum investment of $250,000. In contrast, using crypto exchanges in India involves a 1% TDS on the transfer of crypto assets and a 30% tax on profits.
Edul Patel, CEO and co-founder of Mudrex, stated in an interview that Mudrex is the first Indian crypto platform to offer this service. He highlighted that navigating the LRS can be challenging for most people, but Mudrex’s strong banking relationships enable them to facilitate seamless transactions. This makes their services highly valuable.
The initial four spot Bitcoin ETFs that Mudrex plans to offer include:
- BlackRock iShares Bitcoin ETF (IBIT)
- Fidelity Wise Origin Bitcoin ETF (FBTC)
- Franklin Templeton Bitcoin ETF (EZBC)
BTC Price Shows Positive Momentum
The price of BTC has experienced a 4% increase in the past 24 hours, currently trading at $71,597. The 24-hour low and high for BTC are $67,194 and $71,830, respectively. Additionally, trading volume has risen by 70% in the last 24 hours, indicating growing interest among traders.
Bitcoin continues to reach new all-time highs driven by renewed sentiment and reduced macro impact. According to Coinglass data, traders are taking long positions on Bitcoin and Ethereum. Bitcoin analyst Willy Woo predicts that the price of BTC could reach the upper bound of $337,000 as it surpasses the $71,000 mark.
Hot Take: Indian Investors Gain Access to US Spot Bitcoin ETFs via Mudrex
Mudrex’s move to offer Indian investors access to U.S. spot Bitcoin ETFs is a significant development in the crypto investment space. This development brings several benefits:
- Diversification: Indian investors can diversify their portfolios by gaining exposure to spot Bitcoin ETFs offered by financial giants like BlackRock and Fidelity.
- Tax Efficiency: By utilizing the LRS route through Mudrex, investors can avoid the higher taxes associated with using crypto exchanges in India.
- Institutional Appeal: Mudrex’s service is particularly valuable for institutional investors who are looking to invest in spot Bitcoin ETFs.
This move also presents an opportunity for U.S. spot Bitcoin ETFs to tap into the potential of the Indian market, which has a large and growing number of crypto investors. As more Indian investors gain access to spot Bitcoin ETFs, it is likely to contribute to the growth and adoption of cryptocurrencies in India.
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