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As indicated via a memorandum of understanding, Torus Kling Blockchain IFSC is partnering with India INX to roll out the first Bitcoin and Ethereum futures contract products in India.
Torus and India INX state that the futures contracts offering will be fully compliant with the law. Pursuant to the agreement, Torus will provide liquidity and smart order routing for India INX. Furthermore, the platform’s network of global distributors and partners will handle the digital assets ETF distribution. Torus has already set a target of up to $1 billion in assets to manage within the first few years. This will predominantly come from the firm’s clients investing in the ETFs and discount certificates.
India INX CEO V. Balasubramaniam says that his company has already applied with the International Financial Services Centres Authority (IFSCA). The company’s CEO also reiterated that the country’s inaugural ETFs will be fully compliant with Indian legislation upon regulatory approval.
The Indian parliament is yet to decide on the fate of digital currencies in the South Eastern nation. Last month, it postponed deliberations on the prohibition bill.
