Bitcoin-Friendly World’s Top Fund Manager BlackRock Secures Regulatory Approval to Provide Services in India
Bitcoin-Friendly Asset Giant BlackRock Gains Regulatory Nod to Launch Services in India with Jio Financial Partnership
BlackRock, the world’s leading asset manager, managing over $10 trillion in assets, has received approval from the Securities and Exchange Board of India (SEBI) to launch mutual fund services in India. This approval follows the formation of a 50:50 joint venture between BlackRock and Jio Financial, marking BlackRock’s re-entry into the Indian market after its exit in 2018.
In 2023, Mukesh Ambani-owned Jio Financial and BlackRock announced their partnership, creating Jio BlackRock. This venture aims to disrupt the Indian mutual fund space by offering digital-first investment products.
Room for Bitcoin Under Jio BlackRock Umbrella
Currently, there is no indication that Jio BlackRock will offer cryptocurrency products such as Bitcoin spot ETFs. The mutual fund venture seems focused on traditional investment avenues, and cryptocurrency-related investments remain under strict regulation in India. Bitcoin spot ETFs have yet to receive regulatory clearance from SEBI, making it unlikely that Jio BlackRock will provide these offerings in the near future.
Bitcoin Price Action
As of now, Bitcoin (BTC) is trading at $62,143, marking a 1.31% increase over the last 24 hours.
On October 4, Bitcoin spot ETFs saw a net inflow of $25.59 million. Grayscale’s GBTC had an outflow of $13.91 million, while Bitwise’s BITB ETF gained $15.29 million and Fidelity’s FBTC ETF had an inflow of $13.63 million. Ethereum spot ETFs, however, experienced a total outflow of $3.20 million.
Analysts predict that Bitcoin could rise to $70k by the end of this month.
Read also: Finally, Indian Government Agencies Start Investigation Against WazirX Crypto Exchange
