Edul Patel, CEO and co-founder of Mudrex, a prominent Indian cryptocurrency investment platform, has unveiled plans to introduce US spot bitcoin ETFs to both institutional and retail investors in India.
Patel emphasized the significance of this move for institutions, granting them access to spot bitcoin ETFs, previously only accessible to retail investors via US stock investing firms.
Initially, Mudrex plans to offer four spot ETFs: BlackRock, Fidelity, Franklin Templeton, and Vanguard. Operating a subsidiary registered with India’s Financial Investigation Unit, Mudrex holds licenses in Lithuania and Italy, solidifying its presence in the European Union.
Patel stated that Mudrex will oversee transaction processing through a broker partner in the U.S., while its Indian subsidiary will manage the spot bitcoin ETF service.
India’s crypto regulation is complex due to divisions between the RBI and the Finance Ministry. While the RBI opposes crypto and warns against emulating the US, the Finance Ministry’s Financial Investigation Unit registers crypto providers and imposes taxes. Both prioritize safeguarding the economy and investors, yet their regulatory approaches diverge.
Patel highlighted the Bitcoin spot ETF’s importance as a security, enabling Indians to diversify portfolios through the Liberalised Remittance Scheme (LRS).
Mudrex will facilitate an investment of $5,000 and a maximum of $250,000. Patel expects increased volumes, with an average investment size of $110,000, as approximately 20 institutions out of 350 collaborating with Mudrex have commenced the joining process.
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