Santander prepares to offer Bitcoin ETF in Spain –

Santander, a leading financial institution in Spain, is preparing to offer a Bitcoin ETF to its customers in the country. This comes while Spanish asset managers have been largely reluctant to include crypto products as part of their investment portfolio for clients.

Santander Bitcoin ETF in preparation

Santander will put the finishing touches on a Bitcoin ETF product in Spain, according to this Reports from local sources. This reportedly makes the company the only financial institution interested in offering this type of product to its customers in Spain. Santander's executive director, Ana Botín, explained that the institution has had a team working on this offer for some time. She noted:

Our customers want to buy Bitcoin, but we have been slow to adopt it due to regulatory issues. We are now in the process of offering crypto ETFs.

The fact is that most asset managers in Spain still reluctantly to invest their funds in cryptocurrency-based investments, at least domestically. Spain's BBVA is already Offer Bitcoin trading services to its users in Switzerland due to the advanced cryptocurrency ecosystem and clear regulations that the country offers. But crypto regulation in Spain is a completely different issue.

No product registered yet

Botín may have been referring to the work they are doing within the bank on the ETF, since no product of this type has been registered with the CNMV, the institution that oversees the country's securities market. Botín also did not offer a timeline regarding the availability of this product.

The first cryptocurrency ETF approved in the US sparked demand from institutions waiting for a more traditional and regulated product to invest in cryptocurrencies. However, the approved vehicle was a Bitcoin futures ETF, making it costly to administer and taking away some of its appeal for retail investors. Local investors in Spain agree that if a similar product is approved, it should be a spot Bitcoin ETF to minimize management costs.

Nevertheless, some believe that the importance and reach of such an important product for investing in Bitcoin should not be overlooked, as it could give Santander an edge in portfolio offerings. Other banks have not recognized the importance of such an offer. CaixaBank, Sabadell and Bankinter say they are still waiting for more regulation in this area.

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