Mudrex Crypto Exchange Signs US Spot Bitcoin ETF To India

India is tough on the domestic crypto asset industry. (Photo; Doc. It's Blockchain)

JAKARTA - The cryptocurrency investment platform from India, Mudrex, announced its plans to introduce a Bitcoin spot Exchange Trade Fund (ETF) from US companies. This effort marks an important step for institutional and retail investors in India. Mudrex CEO and co-founder, Edul Patel, stated that this initiative is a response to the Indian government's stricting action against crypto exchange regulations.

In its initial stage, Mudrex will feature four leading Bitcoin spot ETFs, namely BlackRock, Fidelity, Franklin Templeton, and Vanguard. The four largest asset manager companies in the world have offered Bitcoin spot ETF products starting last January. The Bitcoin spot ETF products of the four top asset managers will be under the supervision of India's Liberated Remittance Scheme (LRS). This scheme allows foreign investment of up to 250,000 US dollars (Rp3.9 billion) per year, with Mudrex setting a minimum investment requirement of 5,000 US dollars (Rp77.9 million) and a maximum LRS fit limit.

Patel revealed that about 20 of the 350 institutions associated with Mudrex have started the onboarding process, with a significant investment volume expectation. Mudrex, which is supported by Y-Combinators and operates under EU regulations, shows the company's expansion despite facing strict regulatory regulations from the Indian government.

The Reserve Bank of India (RBI) remains conservative to crypto, emphasizing economic risks and refusing to follow the US approach to ETF. Meanwhile, India's Ministry of Finance Intelligence Unit has registered crypto service providers and imposed substantial taxes, showing differences in regulatory strategies.

The Indian government recently blocked the Binance website, prompting Mudrex to facilitate free transfers of more than 200 tokens from Binance, attracting more than 30,000 new subscribers.

That way, Mudrex has taken proactive steps to expand its services to Indian investors by offering US Bitcoin spot ETFs. The move is expected to open up new opportunities for investors looking to capitalize on the rapid growth of digital assets. According to Patel, the decision to include the US spot Bitcoin ETF was a response to growing demand from Indian investors seeking portfolio diversification and access to the global cryptocurrency market.

In addition, Patel stressed that this new service will allow Indian investors to participate in global trends without having to worry about strict domestic regulatory limits. By providing access to well-regulated and internationally recognized ETFs, Mudrex hopes to provide a sense of security to investors worried about the volatility of the crypto market and regulatory risks.

Mudrex also plans to introduce new features that will make it easier for investors to monitor and manage their investments in the US spot Bitcoin ETF. This includes sophisticated market analysis tools and educational platforms to help investors understand the dynamics of crypto asset markets.