Santander, Spain’s leading banking service, has confirmed that plans are in motion to release their first Bitcoin ETF. Prompted by public demand, the bank’s officials have revealed that the project has been in the works for several months now.
Our clients want to buy bitcoin, but we have been quite slow to adopt it due to regulatory issues. We are now about to offer crypto ETFs, Chairman Ana Botín, Santander’s Executive, confirms.
Spanish crypto regulations seem to be unclear, however. That might be the reason why Santander did not specify the exact time frame of their BTC ETF release. Moreover, to this date, the ETF has not been officially registered at the CNMV, the Spanish securities regulatory agency.
Spanish investors have also had a rather lukewarm attitude towards crypto, most probably due to the unsatisfactory level of regulation. Many believe, however, that the adoption of the BTC ETF could provide the much-needed push.
Analysts are hoping that this game-changing move could once again propel further growth of Bitcoin along with other cryptocurrencies. Likewise, the bank’s revenues are expected to rise as well, which means that the adoption would be mutually beneficial.
