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Costa Rican Bank Launches Spot Bitcoin ETF
Banco Nacional (BN), the largest commercial bank in Costa Rica and one of the biggest in Central America, has launched a spot Bitcoin exchange-traded fund (ETF) through its investment management arm, BN Fondos.
First-Ever Cryptocurrency Investment Product in Costa Rica
This marks the first time that Costa Ricans will have access to any type of crypto investment product through the country’s banking system.
Two ETFs Launched
The firm is also launching an S&P 500 ETF alongside the Bitcoin vehicle. The minimum investment amount for each fund is $100. Investments will be taken in U.S. dollars instead of Costa Rican colones.
Regulatory Framework
“[Costa Rican] regulation doesn’t permit investments in things that aren’t investment vehicles, and bitcoin isn’t considered an investment vehicle from a regulatory perspective, but the ETF is,” said Pablo Montes de Oca, general manager at BN Fondos.
Banco Nacional’s Background
Banco Nacional serves over 2.1 million customers in Costa Rica – more than 40% of the country’s population.
Crypto Regulation in Costa Rica
Costa Rica doesn’t have any formal crypto laws, but under the country’s constitution and civil code, as far as private parties are concerned, any activity that is not explicitly forbidden by the law is permitted. Costa Ricans are therefore technically allowed to trade and own cryptocurrencies based on the fact that no law prohibits it.
Crypto Asset Market Law
A comprehensive crypto regulation bill called the Crypto Asset Market Law was introduced at the Legislative Assembly in 2022, but it got stuck at the commission level. The bill aimed to codify the use of cryptocurrencies for the payment of goods and services in Costa Rica, but without making any of them – not even bitcoin – legal tender.
Conclusion
In conclusion, the launch of the spot Bitcoin ETF by Banco Nacional is a significant development in the cryptocurrency space, providing Costa Ricans with a new investment opportunity and expanding the country’s digital asset landscape.
FAQs
Q: What is the minimum investment amount for each fund?
A: The minimum investment amount for each fund is $100.
Q: In what currency will investments be made?
A: Investments will be made in U.S. dollars instead of Costa Rican colones.
Q: What is the regulatory framework for cryptocurrencies in Costa Rica?
A: Costa Rica doesn’t have any formal crypto laws, but under the country’s constitution and civil code, any activity that is not explicitly forbidden by the law is permitted. Costa Ricans are therefore technically allowed to trade and own cryptocurrencies based on the fact that no law prohibits it.
Q: What is the status of the Crypto Asset Market Law in Costa Rica?
A: The bill was introduced at the Legislative Assembly in 2022 but got stuck at the commission level. It aimed to codify the use of cryptocurrencies for the payment of goods and services in Costa Rica, but without making any of them – not even bitcoin – legal tender.
Q: How many customers does Banco Nacional serve?
A: Banco Nacional serves over 2.1 million customers in Costa Rica – more than 40% of the country’s population.
