Summary
- Costa Rica's largest commercial bank BN announced the launch of a Bitcoin (BTC) spot ETF.
- This product, provided through BN Fondos, is Costa Rica's first cryptocurrency investment vehicle.
- Despite the absence of cryptocurrency legislation in Costa Rica, they explained that ETFs are considered investment vehicles.
According to CoinDesk, a cryptocurrency-focused media outlet, on the 21st (local time), Banco Nacional (BN), Costa Rica's largest commercial bank and one of Central America's largest commercial banks, announced the launch of a Bitcoin (BTC) spot Exchange-Traded Fund (ETF).
The product will be launched through BN Fondos, which manages BN's investment division. This marks the first cryptocurrency investment vehicle offered by the Costa Rican banking sector.
Pablo Montes de Oca, General Manager of BN Fondos, explained, "Costa Rican law does not allow investment in instruments that are not considered investment vehicles," adding "While Bitcoin is not considered an investment vehicle from a regulatory perspective, ETFs are investment vehicles."
Meanwhile, there is currently no official cryptocurrency legislation in Costa Rica.
JH Kim
reporter1@bloomingbit.ioHi, I'm a Bloomingbit reporter, bringing you the latest cryptocurrency news.
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