• Mudrex, an Indian platform for cryptocurrency investments, now offers U.S. spot bitcoin exchange-traded funds (ETFs).
  • Mudrex initially will list four ETFs: BlackRock, Fidelity Franklin Templeton, and Vanguard.

  • How the upcoming elections around the world could impact the crypto industry

  • How the upcoming elections around the world could impact the crypto industry

  • What India’s controversial crypto tax means for investors

  • India’s Crypto or Web3 Bill won’t be passed for another 18 months, a senior lawmaker says

BTC Price Index and Live Chart – CoinDesk”>(BTC) exchange-traded funds (ETFs) to institutional and retail investors in India, CEO and co-founder Edul Patel said.

Patel told CoinDesk in an interview that this service was available to retail clients, but it was not offered to institutions. Patel stated that retail clients could have access to spot-bitcoins ETFs via U.S. stock investment companies. However, “as far we know”, we are the first Indian crypto platform to offer this service for institutions. “We are the first Indian crypto platform that offers this service.”

Mudrex’s first phase will include four ETFs: BlackRock, Fidelity Franklin Templeton, and Vanguard.

Mudrex is backed and based by Y-Combinator. It has a subsidiary that’s registered with India’s Intelligence Unit. The company has also established a foothold in Europe, holding licenses in Lithuania and Italy . Patel, a CoinDesk reporter, said that the firm would ensure the processing of actual transactions through its broker partners in the U.S. The Indian subsidiary, meanwhile, will facilitate the Spof-bitcoin ETF services.

The RBI has been staunchly against crypto, and recently stated that India does not need to emulate the U.S. on its position around crypto ETFs because its economy cannot afford such risk. The RBI is firmly against crypto. It has also stated recently that India does not need to copy the U.S. position on crypto ETFs as its economy can’t afford such a risk. The Finance Ministry’s Intelligence Unit, however, has registered over two dozen Indian crypto services and imposed steep taxes on the industry. Both agree that the Indian economy and its investors must be protected, but their regulatory approaches can seem to differ.

Patel explained that “the bitcoin spot ETF functions as a security, and Indians can purchase securities through the Liberalised Remittance Scheme” (LRS). As a result of this, users and institutions who want to access bitcoins via ETFs can now use them to diversify their portfolio.

LRS simplifies foreign investments for Indians. Reserve Bank of India has set a limit of $250,000 per year for the overall LRS. Mudrex allows investors to invest in bitcoin spot ETFs through its platform. The minimum investment is $5,000, and the maximum is $250,000.

Patel explained that “the LRS is the tricky bit for most people, but over there (in America), we have strong banking relationships and are able to assist users in doing these transactions very seamlessly, which is why these services were important.”

Patel said that out of the 350 institutions who work with the company about 20 have started the process to join and he anticipates volumes of tickets with an average price of $110,000.

Read More: India’s Local Crypto and Web3 Advocates Asked for Action Against Offshore Entities : Source

Sheldon Reback is the editor.