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COINTURK NEWS > Bitcoin (BTC) > Banco Nacional Launches Costa Rica’s First Bitcoin ETF to Attract Investors
Bitcoin (BTC)

Banco Nacional Launches Costa Rica’s First Bitcoin ETF to Attract Investors

In Brief

  • Banco Nacional prepares to launch Costa Rica’s first Bitcoin ETF.

  • The investment will be made in US dollars with a minimum of 100 USD.

  • This initiative aims to diversify investment options for local investors.

Ömer Ergin
Ömer Ergin 4 months ago
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Banco Nacional, one of Costa Rica’s largest commercial banks, plays a pivotal role in the region’s financial landscape, managing approximately 7 billion dollars in assets. This state-owned bank is set to introduce a groundbreaking product in the country’s banking system.

Contents
ETF Products and Investment TermsRegulatory Framework and Legal Status

ETF Products and Investment Terms

The bank’s investment management division, BN Fondos, is preparing to launch the country’s first cryptocurrency-based investment fund. This fund will be classified as a Spot Bitcoin $106,558 ETF and marks a significant milestone as Costa Rica’s inaugural crypto investment product.

In addition to the Bitcoin ETF, the bank plans to offer an ETF based on the S&P 500 index. The minimum investment for both funds has been set at 100 USD, with transactions conducted in US dollars rather than the local currency.

Pablo Montes de Oca, General Manager of BN Fondos, provided insights into the nature of the product. He noted that Costa Rican regulations do not recognize investment instruments without defined statuses, which is why Bitcoin is categorized under the ETF framework.

Regulatory Framework and Legal Status

While Costa Rica currently lacks formal cryptocurrency regulations, activities not explicitly prohibited by law are permitted. This allows citizens to engage in transactions involving crypto assets. A comprehensive crypto regulation proposal introduced in 2022 had stalled in committee and aimed at governing crypto payments.

Banco Nacional serves over 2.1 million customers nationwide, accounting for about 40% of the country’s population. This initiative signals a diversification of alternative investment options available within Costa Rica’s banking system.

The low investment threshold and the use of US dollars are expected to broaden the appeal of the product to a wide range of investors. Coupled with the flexible local regulatory framework, this development aims to enhance the variety of investment products and is seen as a potential avenue for new opportunities within the financial sector.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Ömer Ergin 22 February, 2025 - 6:05 am 22 February, 2025 - 6:05 am
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