Crypto Exchange Bitbns to Trade India’s First Crypto Index IC15
IC15 crypto index, launched by CryptoWire on January 3, is set to trade on Bitbns crypto exchange in the first week of April, mint reports.
IC15 Crypto Index Set to Start Trading
CryptoWire, a leading global crypto super app has allied with cryptocurrency exchange Bitbns to list India’s first crypto index dubbed IC15.
For the uninitiated, IC15 is a rule-based broad market cryptocurrency index that is pegged to the price of the top 15 most liquid cryptocurrencies listed across the top exchange the world over such as Coinbase, Binance, FTX, and others.
Some of the cryptocurrencies the soon to be launched crypto index will track are bitcoin (BTC), ether (ETH), solana (SOL), avalanche (AVAX), polkadot (DOT), binance coin (BNB), shiba inu (SHIB), and others.
Commenting on the development, Joseph Massey, MD, and CEO, CryptoWire, said:
“IC15 is India’s 1st global index of crypto currencies, and it represents more than 80% of crypto assets by market capitalization. As the cryptocurrency market develops and widens, the participants would find the IC15 index offering of much greater institutional use through ETF and alternate wealth management product.”
Echoing similar thoughts was Bitbns founder and CEO, Gaurav Dahake, who explained that trading in IC15 index will bring India on the global stage as the index prices will be seen around the world and allow the industry to monitor broad-based movement in the crypto industry.
“The index will also show the market price implications of various news and policy decision taken globally.”
The crypto index product is geared toward catering to the strong demand for an instrument that tracks the price of the top cryptocurrencies without actually having to individually hold all the fifteen cryptocurrencies.
Per sources close to the matter, Bitbns has more than four million users and the exchange believes the IC15 crypto index will benefit the users to benefit from the rising adoption of all the leading cryptocurrencies with diversified risk.
Clarity for Crypto Assets Remains a Challenge in India
Despite being one of the leading countries in terms of crypto adoption, India’s lack of regulatory framework for digital assets continues to trouble the crypto enthusiasts investors in the country.
Last month, the Indian government announced it would soon be introducing a digital rupee powered by blockchain technology. In addition, the government implemented a flat 30 percent capital gains tax on crypto assets, a move that has infuriated the Indian crypto community at large.
Notably, the 30 percent tax rule will officially come into effect from April 1, 2022.
As a result, the India crypto community is tweeting to the Finance Minister with #reducecryptotax.
It remains to be seen whether the Indian government reverts to the plea or decides to go ahead with its strict crypto taxation policy.
In additional news, crypto.news reported that the Advertising Stands Council of India (ASCI) had released a set of fresh guidelines for advertising virtual assets.
Akin to the crypto tax policy, the implementation of the said guidelines is set to take place from April 1, 2022.