Santander is a renowned financial institution set up in Spain which has come up with a plan to bring Bitcoin into the country. As per the records, Santander has been ranked third among all the Western European banks. According to the regulatory framework of Spain, Santander is giving the final touch to the Bitcoin ETF to launch it in the country. Though, more information on it is not yet given. As per the news, this is the first financial institution in Spain to offer such services and products to its customer.
The Executive Chairman of Santander, Ana Botin, said that people in Spain are looking forward to buying Bitcoin. But, the unavailability of Bitcoin and slow regulatory issues became hurdles in the processing. Now, Santander will provide Bitcoin to its customers.
Major challenge in launching ETF in Spain
The Bitcoin ETF in the United States shook the market in mid-October, and countries like Spain do not even have access to it. As confirmed by National Securities Market Commission (CNMV), such products are not registered in Spain yet. The lack of regulatory clarity on digital currency has become the biggest hindrance to the launch of ETFs in the country.
Still, there are many banks in Spain that are reluctant to launch digital currency products like ETF. But, Santander has already made up its mind to launch ETF in Spain, and there is news regarding some changes made to Bitcoin ETF. This move will certainly be a game-changer as other financial institutions are still reluctant to invest in it.