Banco Nacional Launches First Bitcoin ETF in Costa Rica
Banco Nacional (BN), the largest bank in Costa Rica, is launching a spot bitcoin exchange-traded fund (ETF) through its investment arm, BN Fondos. This initiative allows Costa Ricans access to crypto investment products via the banking system for the first time.
- Alongside the bitcoin ETF, BN will introduce an S&P 500 ETF.
- The minimum investment for both funds is $100, and investments are accepted in U.S. dollars.
- Costa Rican regulations do not recognize bitcoin as an investment vehicle; however, ETFs are categorized differently.
- BN serves over 2.1 million customers, representing more than 40% of the population.
- No formal crypto laws exist in Costa Rica, allowing individuals to trade and own cryptocurrencies.
- A proposed Crypto Asset Market Law aimed to regulate cryptocurrency usage but remains stalled in legislative review.