Costa Rica Takes First Step Into Crypto With Bitcoin ETF
Banco Nacional (BN), Costa Rica’s largest state-owned bank, is making history by launching the country’s first bitcoin exchange-traded fund (ETF) through its investment arm, BN Fondos. This marks a significant milestone, as it will be the first crypto-related investment product available through the nation’s banking system.
Alongside the bitcoin ETF, BN Fondos is also introducing an S&P 500 ETF, offering investors access to both digital assets and traditional markets. The minimum investment for both funds is set at $100, with transactions conducted in U.S. dollars rather than Costa Rican colones.
“Costa Rican regulations do not currently classify bitcoin as an investment vehicle, but an ETF structured around bitcoin falls within permitted financial instruments,” explained Pablo Montes de Oca, general manager at BN Fondos.
Despite the absence of formal crypto legislation, Costa Rica allows financial activities that are not explicitly prohibited, enabling citizens to buy, sell, and hold digital assets. While a proposed crypto regulatory framework—the Crypto Asset Market Law—was introduced in 2022, it has stalled in the legislative process.
With Banco Nacional serving over 2.1 million customers and holding more than $7 billion in assets, this move could pave the way for further crypto adoption in the country, potentially encouraging other financial institutions to explore digital asset investment products.
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