Reserve Dollar

Bitcoin ETF

Reserve

The cryptocurrency linked <a href="https://news.todayq.com/bitcoin-etfs-see-softening-inflows-as-sentiments-drop-to-greed/" rel="noopener noreferrer nofollow">Exchange Traded Fund</a> (ETF) buzz had entered India despite warnings raised by India’s central bank over risks associated with digital assets. It is seen that rich Indians are using their yearly salary quotas to participate in the spot Bitcoin ETF frenzy. However, the launch of the US BTC ETF in January has helped the crypto market to revive. Bitcoin ETFs trend hits India 
According to reports, Indian citizens are utilizing the <a href="https://news.todayq.com/rbi-governor-discusses-crypto-risks-amid-bitcoin-bull-rally/" rel="noopener noreferrer nofollow">Reserve Bank of India</a>‘s (RBI) Liberalised Remittance Scheme (LRS) to jump into the Bitcoin ETF scene. The LRS scheme allows individuals to remit up to $250,000 annual
Data provided in the report taken from Vested Finance shows high trading volumes with over $5.3 million in Bitcoin ETF transactions recorded. Buy orders majorly drove these transactions. More than 70% of ETF traders are categorized as affluent. They are drawn by potential tax benefits offered through the LRS.
It is important to note that the Indian government’s tax regime had imposed a 30% tax on crypto asset income and a 1% Tax Deducted at Source (TDS). The regime had helped the offshore crypto platforms to take over the heavy volumes. On the other hand, ETFs via the LRS present a more tax-efficient option for an Indian investor. It is potentially reducing taxation on capital gains to below 20%.
The report mentioned that the Indian family offices are also exploring ETF investments through the LRS route. They are also considering it a tax compliant and clear approach. It should be noted that the entry of such institutional investors directly shows the growing interest in Bitcoin ETFs and that too despite regulatory caution. What’s next? 
Amid the emerging trend of Bitcoin ETFs, the Reserve Bank of India is still holding its cautious stance on cryptocurrencies, citing concerns same as to tulip mania. This is despite the advent of Bitcoin ETFs in the US, RBI Governor Shaktikanta Das stated the bank’s unchanged view on digital assets.
Bitcoin is leading the crypto market to hit a new high that too after the launch of crypto ETFs. BTC went on to hit a new all time high (ATH) above the $73,000 price level. With this surge, Hong Kong is all set to become Asia’s first city to offer spot Bitcoin ETFs. Regulators have expedited the approval process, reflecting efforts to bolster Hong Kong’s status as a global financial hub.

Rich Indians flocking to Crypto ETFs despite RBI warnings: Report

Todayq News

Các bài viết khác được xuất bản trên 10 thg 4, 2024

Auradine Secures $80M Series B Funding, Anticipates Bitcoin Halving Surge

SoundHound AI Stock Falls 8%+ After $150M Equity Distribution Agreement

STEPN launches $30M airdrop ahead of major global partnership (10 Apr)

Shiba Inu (SHIB) Skyrockets into Top Ranks With New Major Index Inclusion

9 Best Low Market Cap Crypto with Huge Potential in 2024

Founder of China’s Largest Altcoin Speaks on the Price Impact of the Bitcoin Halving, Now Only Da...

Tham gia bản tin miễn phí của chúng tôi để cập nhật tin tức về tiền điện tử hàng ngày!