Banco Nacional Introduces Costa Rica’s First Bitcoin ETF, Expanding Crypto Access

Costa Rica is taking its first step into the crypto investment space as state-owned Banco Nacional (BN) launches the country’s first bitcoin exchange-traded fund (ETF) through its asset management division, BN Fondos.

This move marks a major milestone, as it will be the first time Costa Ricans can access a regulated crypto investment product through the traditional banking system. Alongside the bitcoin ETF, Banco Nacional is also rolling out an S&P 500 ETF. The minimum investment for both funds is $100, and transactions will be conducted in U.S. dollars rather than the local currency, colones.

“Under Costa Rican regulations, direct investment in bitcoin isn’t classified as an approved investment vehicle, but a bitcoin ETF meets the necessary criteria,” explained Pablo Montes de Oca, general manager of BN Fondos.

Banco Nacional, one of Central America’s largest banks with over $7 billion in assets, serves more than 2.1 million customers—over 40% of Costa Rica’s population.

Despite the absence of dedicated crypto laws, Costa Rica’s legal framework allows activities not explicitly prohibited, meaning citizens can trade and own cryptocurrencies. A proposed bill, the Crypto Asset Market Law, sought to provide legal clarity for digital assets without granting them legal tender status, but it remains stalled in the legislative process.

This ETF launch could pave the way for broader crypto adoption in the country while providing investors with a secure and regulated entry into the digital asset market.