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The securities regulator's 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 suffered cyberattacks or implosion.

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.

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