Bitcoin (btc) 
Mudrex, a California-based crypto investment platform backed by Y-Combinator, is set to introduce U.S. spot bitcoin exchange-traded funds (ETFs) to both institutional and retail investors in India.
CEO and co-founder Edul Patel emphasized the significance of this move, particularly for institutional clients, stating that this offering is valuable to institutions, as it was previously only available to retailers.
The platform will launch four spot ETFs initially, featuring offerings from BlackRock, Fidelity, Franklin Templeton, and Vanguard. Mudrex operates with a subsidiary registered with the Intelligence Unit of India and holds licenses in Lithuania and Italy. The company aims to facilitate transactions through U.S. broker partners, while its Indian subsidiary will provide the spot bitcoin ETF service.
According to Patel, Indians can invest in these ETFs under the Liberalised Remittance Scheme (LRS), enabling them to diversify their portfolios through Bitcoin. The LRS allows for annual overseas investments up to $250,000, with Mudrex setting investment thresholds between $5,000 and $250,000.
While retail clients in India have access to spot bitcoin ETFs via U.S. stock investing companies, Mudrex is the first to extend such services to institutions in the country, marking a significant milestone for the firm.
This development comes amid a regulatory environment in India where the central bank and the government have differing stances on cryptocurrency. The Reserve Bank of India (RBI) has expressed resistance towards crypto, citing risks to the national economy, while the Finance Ministry has taken steps to incorporate crypto service providers within the regulatory framework, focusing on investor and economic protection.
Meanwhile, the RBI is embracing digital innovation through the development of the central bank digital currency (CBDC), the digital rupee. Governor Shaktikanta Das announced plans to explore offline functionalities for the digital rupee to enhance financial inclusion and accessibility, extending the benefits of digital currency to areas with limited internet connectivity.
The Indian government intensifies crackdown on illicit activities in the crypto space.
As Mudrex pioneers the introduction of U.S. spot bitcoin ETFs in India, investors can explore new opportunities in the cryptocurrency market. Stay updated with the latest news and trends in the crypto industry on Global Crypto News.
