Spain's Banco Santander plans to launch the first Bitcoin ETF

The only obstacle to the project's implementation is regulatory ambiguity

08.11.2021 - 14:45

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1 min

What's new? Spanish bank Santander has announced the final stage of creating its bitcoin ETF. The president of the organization, Ana Botin, commented on the situation in a video interview with Bloomberg.

Video interview on Bloomberg

She noted:

“We are a leader in crypto. We issue the first bond on the blockchain. We have a strong team working on it. Our clients want to buy bitcoin, but we have been quite slow to adopt it due to regulatory issues. Now we are about to offer cryptocurrency ETFs.”

What are the difficulties for the bank? Regulatory ambiguity remains an obstacle to achieving the goal, as no such project has yet been registered with the National Securities Market Commission (CNMV). The bank has not yet disclosed further details about the new product. It admitted that work on the idea has been going for quite some time.

As previously stated, the Central Bank of Spain obliged financial institutions to disclose their cryptocurrency plans for the next three years.

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