Regardless of the current clarity insufficiency in regulations across India, local financial entities are reportedly throwing their weights behind new ventures looking to roll out Bitcoin (BTC) exchange-traded funds (ETF).

Specifically, Torus Kling Blockchain – a joint venture of Cosmea Financial Holding, a financial company supported by former Head of Reliance Capital Sam Ghosh, and Kling Trading India – is reportedly gearing up to introduce Bitcoin and Ether (ETH) futures ETFs in India.

The firm has reportedly put its signature on a memorandum of understanding with India-based high-profile stock exchange – the India International Exchange (INX) – to introduce crypto ETFs together with investment products tracking top-tier metaverse-associated establishments listed in America.

Torus Kling Blockchain reportedly has plans down its pipeline to form the ETFs in the Gujarat International Finance Tec-City (GIFT City) by the end of the current fiscal year in India, or by the end of March 2022.

The ETFs are reportedly awaiting greenlights from India’s International Financial Services Centres Authority (IFSCA) and other regulators

Venkataramani Balasubramaniam – Head of India INX – further remarked that the stock exchange and GIFT IFSC are aiming to “explore the launch of digital asset-based products” and has already submitted its application with the IFSCA under “regulatory sandbox.”

“This is a part of our product innovation initiative to benchmark offerings with other international financial centers. We will be launching products in these new-age assets in compliance with the prevailing laws after receiving all required post regulatory approvals” Balasubramaniam additionally revealed.

Cryptocurrencies are a new asset class that is only a part of the broader fintech innovation and adoption, as disclosed by Torus Kling Blockchain CEO Krishna Mohan Meenavalli.