Costa Rica Enters Crypto Space With First-Ever Bitcoin ETF
In a groundbreaking move for the country’s financial sector, Banco Nacional (BN), Costa Rica’s largest state-owned bank, is introducing its first-ever bitcoin exchange-traded fund (ETF) through its investment division, BN Fondos.
This launch will provide Costa Ricans with their first opportunity to access a crypto-related investment product through the country’s formal banking system. In addition to the bitcoin ETF, BN Fondos is also rolling out an S&P 500 ETF. Both funds have a minimum investment requirement of $100 and will be denominated in U.S. dollars rather than Costa Rican colones.
“Current regulations do not classify bitcoin itself as an investment vehicle, but a bitcoin ETF fits within the regulatory framework,” explained Pablo Montes de Oca, general manager of BN Fondos.
Banco Nacional, which holds over $7 billion in assets and serves more than 2.1 million customers—nearly half of Costa Rica’s population—is spearheading this move despite the country’s lack of formal crypto regulations. Costa Rican law permits financial activities that are not explicitly prohibited, allowing citizens to trade and hold cryptocurrencies without restriction.
Efforts to introduce clearer crypto regulations have stalled, with the proposed Crypto Asset Market Law remaining in legislative limbo since 2022. However, the introduction of this ETF could signal a shift toward greater acceptance of digital assets in the country’s financial markets.
