Santander, Spain’s leading financial institution, is preparing to provide Bitcoin ETFs to customers in the country. At this point, Spanish asset management companies are largely reluctant to use crypto products as part of their portfolio products to customers.

Santander Bitcoin ETF in preparation

Santander Bank will complete the finalization of Bitcoin ETF products in Spain. report From local sources. According to reports, this makes the company the only financial institution interested in providing such products to Spanish customers. Ana Botín, Executive Chairman of Santander Bank, announced that the institution has had a team dedicated to this service for some time. she says:

Our customers want to buy Bitcoin, but due to regulatory issues, we are slow to adopt it. We are about to provide encrypted ETFs now.

The fact is that most asset management companies in Spain still unwilling Put their funds into cryptocurrency-based investments, at least in China.BBVA in Spain has supply Due to the advanced cryptocurrency ecosystem and clear regulations provided by the country, it provides Bitcoin transaction services for its users in Switzerland. But Spain’s encryption regulation is a completely different issue.

No product registered yet

Botín may refer to the work they have done with ETFs within the bank because such products have not yet been registered with the CNMV, which is the agency that supervises the country’s securities market. Botín also failed to provide any timetable regarding the availability of the product.

The first cryptocurrency ETF approved in the United States has stimulated demand from institutions that are waiting for more traditional and regulated products to invest in cryptocurrencies. However, the approved tool is the Bitcoin futures ETF, which makes it expensive to manage and loses part of its charm to small investors. Local investors in Spain agreed that if a similar product is approved, it should be a spot Bitcoin ETF to minimize management costs.

Even so, some people think that the importance and influence of such an important bitcoin investment product should not be ignored, because it can give Santander an advantage in investment portfolio products. Other banks failed to see the importance of such products, and CaixaBank, Sabadell and Bankinter announced that they are still waiting for more supervision in this area.

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