💫💫💫 JUST IN: 🇮🇳 US ETFs to be offered to institutional and retail investors across India.
👉initially four spot ETFs – BlackRock, Fidelity, Franklin Templeton and Vanguard.
👉 "The bitcoin spot ETF works as a security and Indians are allowed to purchase securities under the Liberalised Remittance Scheme (LRS) and, as a result, users or institutions specifically, who do want to get access to bitcoin can now start using the bitcoins through ETFs to diversify their portfolio,"
👉The LRS simplifies overseas investments for Indians. The overall LRS limit, as prescribed by the Reserve Bank of India, is $250,000 a year.
👉 spot Bitcoin ETFs with a minimum investment requirement of $5,000 and a maximum cap of $250,000.
👉 Meanwhile, the Reserve Bank of India (RBI) has maintained a steadfast stance against crypto, recently asserting that India should not mirror the U.S.’s approach to ETFs due to economic risk considerations.
👉 On the other hand, the Finance Ministry’s Intelligence Unit has registered over two dozen Indian crypto service providers and imposed substantial taxes on the sector. While both entities prioritize safeguarding the Indian economy and investors, their regulatory strategies differ.
