Mudrex Plans to Introduce U.S. Spot Bitcoin ETFs in India
Indian cryptocurrency investment platform Mudrex is set to launch U.S. spot Bitcoin exchange-traded funds (ETFs) in order to target both institutional and retail investors within India, according to CEO Edul Patel. This move comes as the Indian government tightens regulations on offshore crypto exchanges.
Mudrex to Offer Four Spot Bitcoin ETFs
- Mudrex will be the first entity in India to offer spot Bitcoin ETFs for institutional investors.
- Initially, the platform will list four spot Bitcoin ETFs: BlackRock, Fidelity, Franklin Templeton, and Vanguard.
- Spot Bitcoin ETFs work as security and can be acquired by Indians under the Liberalized Remittance Scheme (LRS).
- Mudrex plans to facilitate investments in spot Bitcoin ETFs with a minimum investment requirement of $5,000 and a maximum cap of $250,000.
Mudrex Expands Amid Regulatory Concerns
Mudrex, backed by Y-Combinator and headquartered in California, operates a subsidiary registered with India’s Intelligence Unit.
- The company has a presence in the European Union and holds licenses in Lithuania and Italy.
- While broker partners in the U.S. will handle transaction processing, Mudrex’s Indian subsidiary will oversee the spot Bitcoin ETF service.
- The Reserve Bank of India (RBI) maintains a steadfast stance against crypto and advises against adopting the U.S.’s approach to ETFs due to economic risk considerations.
- The Finance Ministry’s Intelligence Unit has registered over two dozen Indian crypto service providers and imposed substantial taxes on the sector.
India’s government recently blocked Binance’s URLs in the country due to non-compliance. Mudrex announced that it would facilitate the free transfer of over 200 tokens from Binance to help users protect their assets. This move attracted over 30,000 new customers to Mudrex. Other exchanges that were shut down included OKX and Kucoin.
Hot Take: Mudrex Expands Access to Spot Bitcoin ETFs in India
Mudrex, an Indian cryptocurrency investment platform, is making waves by introducing U.S. spot Bitcoin exchange-traded funds (ETFs) in India. This move aims to cater to both institutional and retail investors within the country.
The introduction of spot Bitcoin ETFs for institutional investors is a significant milestone for Mudrex, positioning them as the first entity in India to offer this service. By listing popular ETFs such as BlackRock, Fidelity, Franklin Templeton, and Vanguard, Mudrex aims to provide diversification options for users and institutions seeking exposure to Bitcoin.
While regulatory concerns surround the crypto industry in India, Mudrex continues to expand its operations. With backing from Y-Combinator and a presence in California, the company operates a subsidiary registered with India’s Intelligence Unit. Additionally, they hold licenses in Lithuania and Italy, demonstrating their commitment to compliance and global expansion.
However, the Reserve Bank of India (RBI) remains cautious about cryptocurrencies and advises against adopting the U.S.’s approach to ETFs due to economic risk considerations. On the other hand, the Finance Ministry’s Intelligence Unit has taken steps to register Indian crypto service providers and impose taxes on the sector.
Mudrex’s recent move to facilitate the free transfer of over 200 tokens from Binance attracted a significant number of new customers. With the blocking of Binance’s URLs in India and the shutdown of other exchanges like OKX and Kucoin, Mudrex has positioned itself as a reliable platform for users looking to safeguard their assets.
As India’s crypto landscape continues to evolve, Mudrex’s introduction of U.S. spot Bitcoin ETFs demonstrates their commitment to providing innovative investment options for Indian investors. With the potential for significant volumes and an average ticket size of $110,000, Mudrex is poised to make a lasting impact on India’s crypto investment market.
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