State Bank Banco Nacional, one of Costa Rica’s largest commercial banks, is considered one of the most important financial institutions in the region. The bank operates with an asset of approximately 7 billion dollars.
ETF products and investment conditions
Bn Fondos, Banco Nacional’s investment management branch, is preparing to offer a crypto -based investment fund for the first time in the country’s banking system. Fund, Direct Spot Bitcoin $98,663.61 It will be defined as ETF and will be the first crypto investment product in the country.
In addition, the Bank plans to launch a S&P 500 index, as well as Bitcoin ETF. The minimum investment amount for both funds was determined as USD 100. Investments will be made over the US dollar instead of the local currency.
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Pablo Montes de Jan, General Manager of BN Fondos, made a statement about the quality of the product.
Pablo Montes de Jan, BN Fondos General Manager: “Costa request arrangement does not accept investment in non -investment vehicles; Although Bitcoin is not seen as an investment instrument, it has been evaluated within the scope of ETF. ”
This expression reflects the practices of regulation to identify investment instruments in order to protect.
Regulatory Framework and Legal Status
Although Costa Rica does not have official crypto legislation, all kinds of activities that are not banned within the scope of the laws of the country are allowed. This allows citizens to process with crypto assets. A comprehensive crypto arrangement proposal presented in 2022 remained at the commission stage and this law was aimed to regulate crypto payments.
Banco Nacional serves more than 2.1 million customers throughout the country, which corresponds to approximately 40 %of the country’s population. This development points to the diversification of alternative investment instruments offered to investors in the Costa Rica banking system.
The amount of investment is low and transactions over the US dollar aim to reach the product to a wide audience. Development aims to increase the diversity of investment products by combining with the flexible structure of the local regulatory frame. The financial sector evaluates that this step can offer new opportunities for investors.
Responsibility Rejection: The information contained in this article does not contain investment advice. Investors should be aware that crypto currencies carry high volatility and thus risk and perform their operations in line with their own research.
