The market saw the launch of the first batch of Bitcoin ETFs in the US a few weeks ago. This has led the cryptocurrency to reach new price heights on the charts, with one quotation higher and higher. Furthermore, this was followed by the Australian market which released its own cryptocurrency-backed ETFs, which also had parabolic effects on the market.
The intention is to do so, despite the unclear regulation
ETFs in both countries have set unprecedented records in terms of investment and appreciation, leaving many countries confident in their domestic investment products.
European countries were especially prepared to start their ETF journeys. However, the lack of regulatory clarity continues to be an obstacle. A case in point is Spain, a country where Santander bank is in the final stages of caring for its BTC ETFs despite the general reluctance of the banking fraternity.
Speaking with Bloomberg recently, Banco Santander chairman Ana Botin noted:
“We are leaders in cryptocurrencies. We issue the first bond on the blockchain. We have a strong team working there. Our customers want to buy bitcoin, but we have been quite slow to adopt it due to regulatory issues. We are now going to offer cryptocurrency ETFs ”.
While more details on the new product have yet to be revealed by the bank, he admitted that the idea has been underway for some time.
However, regulatory obscurity remains an obstacle as no similar product has yet been registered with the National Securities Market Commission (CNMV).
Furthermore, if a company wants to market investment products from a non-EU country, the product must not only receive authorization from the agency, but both the managers and the funds that they intend to market must be registered in the corresponding administrative documents.
The bank was already open to providing cryptocurrency services
Earlier this week, the Spanish Central Bank had ordered financial institutions to disclose their cryptocurrency plans for the next three years as it worked out their business relationships with cryptocurrency service providers and exposure to cryptocurrencies. Additionally, entities are also required to outline whether they intend to issue tokens or provide custody, trading or payment services for cryptocurrencies.
Previously, the bank had also opened a registry for cryptocurrency service providers after they had been suspended for months. This also includes major financial institutions and banks working in the sector.
Now that the long-awaited instructions on regulatory compliance have been released and the Central Bank is taking steps to regulate the space, the eventual release of an ETF may not be that far-fetched for the European nation.