Page 7 - Sumit Gupta News Today

The securities regulators approval for the first US-listed exchange traded funds (ETF) to track bitcoin has given Indian cryptocurrency companies hope that the move would create domestic support for the digital assets. The US Securities and Exchange Commission (SEC) on Thursday approved 11 ETFs for bitcoin, perhaps the most popular virtual currency. It would enable investors to access bitcoin without challenges such as setting up wallets or accounts with crypto exchanges that have previously suf...

Moreover, trying to invest in a Bitcoin ETF through a US-based brokerage house won’t be the most efficient route to get exposure to the best Bitcoin prices, as it will have a lot of tax implications

Sumit Gupta, Co-founder of CoinDCX, said, "The spot Bitcoin ETF is poised to streamline exposure for traditional players, paving the way for the influx of trillions in institutional capital. Leading institutions, including hedge funds, sovereign wealth funds, and registered investment advisors, are expected to play a pivotal role in propelling the unprecedented growth of ETFs."

For long, local crypto exchanges have seen investors move their assets offshore to escape heavy taxation. This move could lure Indian crypto investors back to domestic exchanges.

EconoTimes is a fast growing non-partisan source of news and intelligence on global economy and financial markets, providing timely, relevant, and critical insights for market professionals and those who want to make informed investment decisions.

Letters sent out to the finance ministry last month by Bharat Web3 Association and CoinDCX highlighted concerns over the 30 percent VDA tax burdening small Web3 and crypto businesses and the need for a level playing field by bringing offshore exchanges under TDS regulations.

Although the regulatory framework for crypto currency is still evolving, the US SECs approval for Bitcoin ETFs will open the gates for an asset that has been waiting in the wings for legitimacy. This means institutional capital, price stability and faster adoption.

The US Securities and Exchange Commission (SEC) has granted approval to major asset managers, including BlackRock and Fidelity, for the first-ever US-listed exchange-traded funds (ETFs) that track the price of bitcoin. These bitcoin ETFs allow mainstream financial institutions with trillions of dollars in assets under management to access the cryptocurrency asset class.

Apple has removed Binance, the worlds largest cryptocurrency exchange, from its App Store in response to a show-cause notice from the Finance Ministry regarding non-compliance with Indias money laundering laws.

Move follows FIU notice to nine platforms in late December