Torus Kling applies for India’s first Bitcoin, Ethereum ETF

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Indian blockchain-focused company Torus Kling Blockchain IFSC has partnered with the country’s stock exchange INX to launch India’s first Bitcoin and Ethereum-related ETF, the Indian newspaper The Economic Times reported Thursday.

The Torus Kling Blockchain IFSC, which is a 50:50 joint venture between Cosmea Financial Holdings and Kling Trading India, has signed a memorandum with India INX, an international subsidiary of BSE, to launch India’s first crypto futures ETFs.

As per the MoU signed, Kling Trading will act as the technology partner and liquidity provider, India INX will be the trading platform, and Cosmea Financial Holdings will offer distribution services. If approved, the ETFs would be the first crypto futures-based ETFs to be traded in a country other than the United States.

In addition, Torus Kling will leverage International Financial Services Centres Authority’s (IFSCA) ‘Regulatory Sandbox’ to launch the ETFs. IFSCA Regulatory Sandbox is a special economic zone where firms can test advanced products under relaxed regulatory conditions.

In addition to Bitcoin and Ethereum futures ETFs, the company also plans to launch the first Asian discount certificates which track Metaverse-related large-cap stocks in US and Europe markets.

V. Balasubramaniam, managing director and CEO, India INX, said:

“India INX at GIFT IFSC is looking at exploring the launch of Digital Asset based products and has already made an application to IFSCA under Regulatory Sandbox.”

“We will be launching products in these new-age assets in compliance with the prevailing laws after receiving all required post regulatory approvals,” Balasubramaniam added.

Torus Kling is currently awaiting regulatory approval before launching the new products. Meanwhile, regulations around crypto assets are still unclear in India. The cryptocurrency bill, previously set to introduce in the winter session of the Indian parliament, has been postponed to the next parliamentary session to be held from February.

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