The country’s top bank has revealed intentions to develop the country’s first Bitcoin ETF.
Santander, Spain’s largest bank, has announced that plans to launch their first Bitcoin ETF are in the works. The bank’s officials have acknowledged that the project has been in the works for several months in response to popular demand.
Our clients want to buy bitcoin, but we have been sluggish to implement it due to regulatory concerns. Chairman Ana Botn, Santander’s Executive, affirms that crypto ETFs are on the way.
Chairman Ana Botín, Santander’s Executive, confirms that:
Our clients want to buy bitcoin, but we have been quite slow to adopt it due to regulatory issues. We are now about to offer crypto ETFs.
Spanish investors have likewise had a chilly stance toward cryptocurrency, owing to the lack of adequate regulation. Many feel, however, that the BTC ETF’s adoption will provide the much-needed boost.
Analysts are optimistic that this game-changing move would once again catapult Bitcoin and other cryptocurrencies to new heights. Similarly, the bank’s revenues are likely to increase, implying that the adoption would benefit both parties.
However, Spanish crypto regulations appear to be ambiguous. That could be why Santander did not specify a specific time frame for releasing their BTC ETF. Furthermore, the ETF has yet to be officially registered with the CNMV, Spain’s securities regulatory agency.