By Shelly Melancon (Switzerland)
The first BTC ETF launch in the US lends credence that BTC ETFs have been a huge hit this year. Now, Spain’s financial regulatory body is about to do likewise. Banco Santander, a leading Spanish financial institution, is about to be the first company to launch its BTC ETF.
Final Stages Of Launch
There has been an astronomical interest in the digital currency space more than ever before since the start of the pandemic last year in most nations, including Spain. Various reports from local news outlets indicate that the launch, which is at its final stages, is happening because Banco Santander has identified a market that needs to be filled.
If Spain’s financial regulators approve Santander’s proposal, it would be a first in the country. Despite the successful launches of ETFs in other countries, Spain’s financial watchdog remains reluctant to approve one in the country.
Santander Is A Leader In The Crypto Space
The launch of BTC ETFs has coincided with a period when the BTC is about to set a new peak price. A top-level executive of the bank, Ana Botin, claimed that the bank has been researching BTC-related products for a while. But she argued that the bank couldn’t implement their research because of regulation and compliance.
Botin further added, “we are the first to have a blockchain bond, and we are about to launch the first crypto ETF… We lead the crypto space in this country.” While Botin declined to reveal details regarding the BTC ETF launch, Spain’s top financial regulator has clearly stated that it has not approved any BTC ETF. Hence, there is still no regulatory clarity about the crypto space.
Spain’s Crypto Interest Still Rising
Many Spanish financial institutions are preparing to launch crypto-related services and products to fill the yearning requests from the crypto holders in the country. This number has kept rising since the year began. This past week, Spain’s apex bank mandated all financial institutions who have business transactions with crypto-related businesses to report the exact nature of their business transaction.
Furthermore, Spain’s financial watchdog requested that banks interested in offering crypto-related services such as custody or token issuance submit their detailed plans with the agency. The purpose of this request is to determine the potential consequences of this digitization process. However, Spain’s opposition party has submitted a proposal to the house to allow anyone to use digital currency to make their mortgage payments.
This bill led to establishing a crypto council whose sole responsibility is to discuss the growth and consequences of blockchain and virtual currency on the country. Spain’s first BTC ETF might soon be approved since the country’s apex bank is on the verge of providing regulatory clarity around crypto. The leading cryptocurrency has remained bullish in the past 24 hours, with 6.5% gains and 8% gains in the past week. The weekly technical indicators and a daily close over the $65K mark will prove that this bullish run can be sustained.
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