As of today, people in Bulgaria can buy and sell crypto assets through their country’s stock market. A few weeks ago, the Bulgarian Stock Exchange launched eight ETNs based on two digital currencies, bitcoin and ethereum. This is in line with European platforms that support these types of products.
Crypto-based ETNs are being offered to investors in Bulgaria.
The Bulgarian Stock Exchange (BSE) is now trading crypto instruments that track the prices of bitcoin (BTC) and ethereum (ETH) (ETH). Eight crypto exchange-traded notes (ETNs) can now be traded freely by investors looking for new, innovative crypto products, says an announcement that was made Thursday.
The Bulgarian stock market is following in the footsteps of major European exchanges like the Deutsche Börse and Euronext, which started offering these instruments two years ago, the BSE said in a press release about the new instruments. Prof. Dr. Manyu Moravenov, the Executive Director of the BSE, said:
“With the new products of BSE International, we meet the increased market interest in crypto instruments. We are pleased to be able today to offer an alternative asset for trading in cryptocurrencies, making the process easier and simpler for all interested investors.”
Investors will be able to put money into digital assets without having to make and own crypto wallets and cryptographic keys, Moravenov said. The ETNs will let them do this. The executive said that at the same time, they will be able to use crypto instruments that are legal.
The trading of crypto-based ETNs is part of BSE’s long-term relationship with Deutsche Börse and the market maker Tradegate AG. This will keep the value of the crypto instruments high, the announcement said. The products are traded in euros, and during the regular trading session, the BSE said more about them.
Bulgaria’s Finance Minister Asen Vasilev said in a recent interview with Bloomberg that the country, which is part of the European Union, is looking into ways to make cryptocurrency payments. The ETNs were made available after that interview.
Vasilev, who is also deputy prime minister, said that a crypto payment method could be used “in the short to medium term.” He said that the government in Sofia is talking about the issue with the Bulgarian National Bank and people from the country’s crypto industry about how to deal with the issue.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.