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Following The Lead Of The United States, Spain Is Preparing For The Launch Of A Bitcoin ETF

Bitcoin ETFs have been a huge success this year, particularly since the debut of the first futures ETF in the United States last month. However, the Spanish version may not be far behind. In reality, the Spanish global financial services corporation Banco Santander is planning to launch its own Bitcoin exchange-traded fund (ETF).

Bitcoin and other cryptocurrencies are gaining popularity at an unprecedented rate. According to rumours, Spain’s Santander bank is in the final stages of developing a Bitcoin ETF in order to meet this demand.

If approved, the investment vehicle would be the first of its sort introduced by a Spanish bank. Surprisingly, Spanish regulators have been hesitant to authorise one, despite the fact that ETFs have seen phenomenal success in other areas of the world.

Whereas this recent discovery comes at a time when the debut of Bitcoin ETFs has caused the underlying asset’s price to rise, Santander’s Executive President Ana Botin noted that the company has been looking into the product for quite some time. She also acknowledged the delayed adoption process, citing compliance, regulatory, and risk appetite as reasons.

The exec stated,“We are a leader in crypto. We issue the first bond on the blockchain.Now we are about to offer cryptocurrency ETFs.”

Botin has not revealed any other information on the new product. However, it should be noted that no such Bitcoin ETFs have yet been registered with the Spanish National Securities Market Commission (CNMV). As a result, worries about regulatory clarity persist.

Spain’s interest in cryptocurrency has recently skyrocketed, with various institutions preparing to launch or considering initiatives to meet increased demand from market participants.

The Bank of Spain recently ordered that financial institutions in the country report on their business agreements with bitcoin service providers and exposure to digital assets.

Furthermore, the Spanish financial regulator inquired about banks’ plans to issue tokens or provide other services such as custody, trading, or payment functionality for crypto-assets, and to describe their plans until 2024. The primary objective for the data request is to comprehend the implications of the current “trend of digitization and financial innovation.”

Additionally, the Spanish opposition party, the Partido Popular (PP), presented a plan that would allow mortgage payments to be made using cryptocurrency. The proposed bill also called for the establishment of a crypto council to oversee the growth and effect of the country’s digital asset and blockchain industries.