Spanish bank Santander is in the final stages of preparing to launch a Bitcoin ETF, while other banks in the country are wary of regulatory uncertainty.
Santander Bank President Ana Botin said the bank has been working on launching a cryptocurrency ETF for some time now, as it sees strong customer interest in digital assets. About it
report local media. The difficulty lies in the fact that the National Commission for the Securities Market of Spain (CNMV) has not yet given the green light for the launch of this new investment product.
“Santander is considered a leader in the cryptocurrency space. Our clients want to buy bitcoin, but we are too slow in adopting cryptocurrencies due to regulatory uncertainty. Now we are going to offer a cryptocurrency ETF, ”Botin said, adding that the bank had the idea of launching it for a long time.
Despite the cautious stance of many banks in relation to cryptocurrencies, Santander is friendly to both digital assets and the blockchain. In 2019, the bank issued $ 20 million in bonds on the Ethereum blockchain. Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) has also made progress in the field of cryptocurrencies.
In June, the Swiss branch of BBVA began providing private clients with services for the storage and trading of bitcoin. This is made possible by clearer regulatory policies that facilitate the adoption of digital assets. At the same time, the bank does not provide advice on investments in crypto assets, but only acts as a “liaison” between clients and the cryptocurrency space, said BBVA executive chairman Carlos Torres. He is also convinced of the need to explore the potential of asset tokenization, believing that it will increase the efficiency of data and securities exchange.
Another Spanish bank, CaixaBank, does not offer any services related to cryptocurrencies and is wary of them. According to the leadership of CaixaBank, the bank is closely monitoring the development of the latest technologies, the regulation of the cryptocurrency industry and the development of digital currencies of central banks. However, CaixaBank is not yet ready to offer customers access to digital assets. Banco Sabadell has a similar position, which is not considering launching cryptocurrency investment products until clear regulation is in place for them.
Bankinter CEO María Dolores Dancausa said Bankinter does not recommend clients to invest in crypto assets due to their high level of risk. However, Dankausa believes that blockchain technology has many advantages, one of which is the ability to transparently track funds.
Recall that at the end of October, the Central Bank of Spain presented recommendations on the registration of companies, trading platforms and banks wishing to provide cryptocurrency services to Spanish citizens. The Central Bank of Spain explained that even if the activities of banks are already controlled by the regulator, they are required to register with the register of cryptocurrency service operators.
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