Spain’s Banking Giant Santander is Going to Launch First Bitcoin ETF

Santander, one of the most elegant banks in Europe, is going to launch the first Bitcoin ETF in Spain despite the fact that there are various regulatory challenges which the country is still facing amid ETF approval. According to the officials at the bank, they have been working for quite some time now on the product and building a regulatory framework that would allow this ETF to be an impressive investment vehicle not only for the consumers but also for the regulatory commissions within the country to gain an easy approval too.

Need of Proper Crypto Regulatory Framework

Other than that, there have been a lot of direct demands from the consumers for a Bitcoin-oriented ETF within the country, and that is why Santander is going to launch one. Ana Botin, the executive chairman of the bank, made a statement earlier that people are extremely eager to get their hands on Bitcoin, and they want us to help them in doing so. But the bank was not able to speed up the process because of various limitations that exist and a very delicate regulatory framework that needs to be built to get approval in the first place.

But now, the bank will be providing these consumers with a lot of investment opportunities with multiple crypto ETFs in development and are ready to be launched. Another thing that is quite interesting in this regard is that although the bank is developing these products, none of these has been registered with CNMV, which is the securities Regulatory agency in Spain. According to many crypto enthusiasts in Spain, this new move by Santander is definitely a very bold one since many financial asset managers have been reluctant in the past to put their money into digital assets.

Even if these Bitcoin ETFs are made available in the future by the bank, there is lacking a viable input into how any of these managers will be showing interest in it. The Spanish central bank has already directed multiple financial institutions to disclose their plans regarding crypto for the next three years. The institution is quite confident that their Bitcoin ETF proposals are going to get accepted and will start trading soon.