A Bank Worth $7 Billion Brought Bitcoin to the Country for the First Time: Now Legal! - Coin Bulletin

Costa Rica's largest bank announced the launch of the spot Bitcoin ETF.

Costa Rica's leading commercial bank Banco Nacional (BN) is offering investors the first spot Bitcoin ETF through BN Fondos, with assets totaling over seven billion dollars. This move provides investors with access to a cryptocurrency investment product through the country's banking system, offering them different alternatives.

At the same time, an opportunity to integrate into global markets is created with the S&P 500 ETF launch. While the minimum investment amount is determined as one hundred dollars, all transactions will be conducted in U.S. dollars.

The bank's general manager, Pablo Montes de Oca, evaluated the process by saying, 'Costa Rica regulations do not allow for non-investment products, but ETFs are considered as investment products.' This statement is seen as an important step towards digital assets like Bitcoin gaining investment product status within the regulatory framework.

Investors can enter the market with an initial investment of one hundred dollars. Although there is no official crypto legislation in Costa Rica, it is stated that all activities not explicitly prohibited under the country's constitution and civil laws are free.

The Crypto Asset Market Law draft submitted to the Parliament in 2022 aimed to regulate the use of cryptocurrencies as a means of payment; however, it got stuck in the commission stage.

The move by Banco Nacional is noteworthy as an important step that will increase investment opportunities in the region and shape market dynamics.