Colombia’s stock exchange, the BVC, says it is “exploring” a possible crypto ETF launch through its overseas investment arm.
Per Criptonoticias, the BVC says it is “in talks” with the Colombian Global Market (MGC), its public foreign securities platform.
Crypto ETF Launch: Colombia Next?
Nicolás Sánchez, BVC’s head of Equity Investment, said:
“The BVC is working to expand its offerings and improve market efficiency as new players and market makers enter the market.”
At present, the BVC uses the MGC to let investors trade overseas shares and conventional foreign exchange-traded funds using the Colombian regulatory framework.
The BVC seems to believe it can use the same regulations to offer access to a crypto ETF. Sánchez did not specify if the ETF in question would be a Bitcoin spot ETF, or if the BVC was instead looking at Ethereum (ETH) or altcoin options.
Crypto adoption is on the march in Colombia, which – per an Infobae report from May this year – has the highest uptake rate in the Latin America region after Brazil and Argentina.
The same media outlet made note of banking industry data that show a sharp increase of activity on LATAM crypto exchanges “between 2016 and 2022, due to regulatory measures and investor perception.”
Brazil Forging Ahead?
The BVC is likely hoping to replicate the success of its counterparts in Brazil. The São Paulo-based B3 exchange made history in August this year, when it approved the launch of the world’s first Solana (SOL) ETF.
Earlier this month, La Opinión quoted the CEO of the CryptoMKT crypto exchange Fernanda Juppet as stating:
“[New] regulations will promote legal certainty and attract new investors, boosting confidence in the Colombian market.”
The same media outlet also concluded:
“Colombia has an expanding market and growing adoption rates. It has the opportunity to position itself as a key player in the Latin American crypto ecosystem.”
However, crypto has also become a source of controversy in recent weeks in Colombia.
A major political bribery scandal centering around a state disaster fund took a crypto turn this month, when a public official said he used cryptoassets to help bribe leading lawmakers.
The post Colombia’s Stock Exchange Mulls Crypto ETF Launch appeared first on Cryptonews.
#BlockchainNews #News #ETF #LatinAmerica [Source: CryptoNews]