According to CoinDesk, Banco Nacional (BN), Costa Rica's largest commercial bank, is set to launch a spot bitcoin exchange-traded fund (ETF) through its investment management division, BN Fondos. This initiative marks a significant milestone as it provides Costa Ricans with their first opportunity to invest in cryptocurrency products via the national banking system. Alongside the bitcoin ETF, BN Fondos is also introducing an S&P 500 ETF, with a minimum investment requirement of $100 for each fund. These investments will be conducted in U.S. dollars rather than Costa Rican colones.
Pablo Montes de Oca, the general manager at BN Fondos, explained that while Costa Rican regulations do not recognize bitcoin as an investment vehicle, the ETF structure allows for such investments. Banco Nacional, which serves over 2.1 million customers, representing more than 40% of Costa Rica's population, is pioneering this move in the region. Despite the absence of formal cryptocurrency laws in Costa Rica, the country's constitution and civil code permit activities not explicitly prohibited by law, allowing Costa Ricans to trade and own cryptocurrencies.
In 2022, a comprehensive crypto regulation bill known as the Crypto Asset Market Law was introduced in the Legislative Assembly. However, it stalled at the commission level. The proposed legislation aimed to formalize the use of cryptocurrencies for transactions involving goods and services without granting any cryptocurrency, including bitcoin, the status of legal tender. This development underscores the evolving landscape of cryptocurrency regulation in Costa Rica, as the nation navigates the complexities of integrating digital assets into its financial system.
