Spain is preparing for the launch of Bitcoin ETF by Banco Santander

Bitcoin ETFs have been a huge hit this year, especially since the first futures were launched in the US last month. But the Spanish counterpart shouldn’t be far behind either. In fact, Spanish multinational financial services company Banco Santander intends to launch its own Bitcoin Exchange Traded Fund (ETF).

The appetite for Bitcoin and other cryptocurrencies is growing at an unprecedented rate. Spain’s Santander bank is aware of the need to meet this demand and is reportedly currently in the final stages of launching a Bitcoin ETF.

If approved, the investment vehicle would be the first of its kind to be launched by a Spanish bank. Interestingly, Spanish regulators were reluctant to approve one, despite ETFs having amazing success in different parts of the world.

“We are leaders in cryptocurrencies” – Ana Botin

While the latest development comes at a time when the introduction of Bitcoin ETFs sparked the price rally of the underlying asset, Santander’s Executive President Ana Botin announced that they have been researching the product for quite some time. She also acknowledged the slow adoption process and pointed to compliance, regulatory and risk-taking.

The managing director stated

“We are leaders in cryptocurrencies. We are issuing the first bond on the blockchain. (..) Now we are in the process of offering cryptocurrency ETFs. “

Botin has not disclosed any further details about the new product. However, it is important to note that such Bitcoin ETFs have not yet been registered with the Spanish agency National Securities Market Commission (CNMV). As a result, there are still concerns about regulatory clarity.

Spain’s regulatory climate

Recently, Spain’s interest in cryptocurrency has seen a tremendous surge as many institutions prepare to launch or consider initiatives to meet the growing demand from market participants.

Just last week, the Bank of Spain asked the country’s financial institutions to report on their business relationships with cryptocurrency service providers and exposure to digital assets.

In addition, the Spanish tax authority has also asked banks about their plans to issue tokens or offer various services such as custody, trading or payment functions for crypto assets and detailed their plans until 2024. The main reason for the data request is to understand what effects the current “process of digitization and financial innovation” can have.

In addition, the Spanish opposition party Partido Popular (PP) had proposed a bill that would allow the payment of mortgages with crypto. The bill in question also sought to create a crypto council that would focus on the development and impact of the digital asset and blockchain industries in the country.

Selected image courtesy of Yahoo!

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