Costa Rica Enters the Crypto Market with Debut Bitcoin ETF

Costa Rica’s Largest Bank Introduces Bitcoin ETF, Marking First Crypto Investment Option in the Country

Costa Ricans will soon have access to a regulated crypto investment product for the first time, as state-owned Banco Nacional (BN) prepares to launch a spot bitcoin exchange-traded fund (ETF) through its asset management division, BN Fondos.

As the country’s largest commercial bank, with over $7 billion in assets, Banco Nacional is taking a pioneering step in offering bitcoin exposure within Costa Rica’s financial system. Alongside the bitcoin ETF, the bank is also rolling out an S&P 500 ETF. Investors can participate with a minimum of $100, with investments conducted in U.S. dollars rather than Costa Rican colones.

“Regulations in Costa Rica don’t allow direct investment in assets that aren’t classified as investment vehicles, and bitcoin itself doesn’t qualify. However, a bitcoin ETF is considered an investment vehicle, making this offering possible,” said Pablo Montes de Oca, general manager of BN Fondos.

Banco Nacional serves more than 2.1 million customers, covering over 40% of the country’s population, making this a significant milestone for crypto adoption in the region.

Costa Rica does not have specific laws governing cryptocurrency, but under the country’s legal framework, activities not explicitly prohibited are permitted. This allows Costa Ricans to trade and hold digital assets without restrictions.

A proposed crypto regulation bill, the Crypto Asset Market Law, was introduced in 2022 to establish legal guidelines for crypto transactions and allow cryptocurrencies to be used for payments—without granting them legal tender status. However, the bill has since stalled in the legislative process.