Bulgaria’s stock exchange will now allow investors to trade crypto assets through exchange-traded notes (ETNs) that track the prices of Bitcoin and Ethereum, in a positive step for global crypto adoption.
The exchange will allow investors to trade in eight crypto ETNs, including products operated by ETC Group, VanEck and WisdomTree, the exchange said in a press release last week.
Bulgaria now joins several major European exchanges, including Deutsche Borse and Euronext, in allowing the trade of crypto-related products. The latter had started trading these instruments two years ago, the Bulgarian Stock Exchange (BSE) said.
“With BSE International crypto ETNs, investors are not committed to creating own crypto wallets or cryptographic keys, while receiving guarantees that the instruments they choose are systematically regulated and regulatory compliant,” says BSE Executive Director Dr Manyu Moravenov.
The BSE said the products will be traded in euros, and during regular trading hours. The liquidity of the products will also be ensured through the BSE’s partnership with Deutsche Borse and specialized exchange operator Tradegate AG.
Crypto Adoption On The Rise
The BSE’s move to allow crypto exposure comes amid increasing crypto adoption around the world. Bulgarian Finance Minister Asen Vassilev had recently said that the country was exploring options to allow crypto payments.
Last week, Ukraine had legalized cryptocurrencies, even as the country faces the looming threat of a Russian invasion. Jitters over a possible invasion have rattled crypto markets in recent weeks.
Russia had also regulated crypto as legal currency last week, while India recently unveiled tax regulation for trading crypto, although the government refrained from regarding crypto as legal.
A Chainalysis report last year showed global crypto adoption was “skyrocketing,” and was the strongest in emerging markets. Vietnam and India ranked the highest in peer-to-peer transaction volumes.
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