Bulgarians can now invest in crypto assets through their country’s stock market. Following the example of European platform leaders, eight ETNs have been launched by Bulgaria’s Stock Exchange. They are based upon bitcoin and Ethereum.
Bulgarian Investors Offer Crypto-Based ETNs
Bulgarian Stock Exchange (BSE), has launched trading in crypto instruments to track bitcoin (BTC), and ethereum(ETH) prices. “Investors looking for suitable innovative crypto products may now freely trade in eight crypto exchange-traded notes (ETNs),” according to an announcement published this past Thursday.
With their launch, the Bulgarian stock market follows in the footsteps of major European exchanges such as Deutsche Börse and Euronext, which introduced these instruments two years ago, the BSE noted in the press release. Professor Dr. Manyu Moravenov, BSE executive director, commented on this development:
The new products from BSE International meet increasing market demand for crypto instruments. It is a pleasure to now be able to offer cryptocurrencies as an alternate asset, simplifying the trading process for everyone.
Moravenov explained that ETNs allow investors to invest in digital assets, without having to set up cryptographic keys or crypto wallets. They will also have access regulation-compliant cryptocurrency instruments.
The trading of crypto-based ETNs is in continuation of BSE’s long-term partnership with Deutsche Börse and the market maker Tradegate AG, the Bulgarian stock market body explained. The announcement stated that this will guarantee the liquidity of crypto instruments. BSE noted that products will be traded in euro and at the normal trading session.
The offering of the ETNs comes after Bulgaria’s Finance Minister Asen Vasilev unveiled in a recent interview with Bloomberg that the Southeast European nation, a member state of the European Union, is exploring options to facilitate cryptocurrency payments.
A crypto payment mechanism may be introduced “in the short to medium term,” said Vasilev who is also deputy prime minister. He added that the executive power in Sofia is discussing the matter with the Bulgarian National Bank and representatives of the country’s crypto industry.
What do you think about the potential for investors to take advantage of new crypto tools offered by the Bulgarian Stock Exchange. Please leave your comments below.
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