Costa Rica's largest commercial bank, Banco Nacional, is set to launch a bitcoin exchange-traded fund (ETF) through its investment management arm, BN Fondos. This marks the first instance of a crypto investment product accessible through the country's banking system. The initiative allows citizens to invest in cryptocurrencies without formal legislation governing such activities, as current laws do not explicitly prohibit them. Alongside the bitcoin ETF, an S&P 500 ETF will also be introduced, with a minimum investment requirement of $100. Investments will be denominated in U.S. dollars rather than the local colón. Although a comprehensive Crypto Asset Market Law was proposed in 2022 to regulate cryptocurrency transactions, it has yet to pass, leaving the crypto landscape in a state of legal uncertainty. This development indicates a progressive step towards crypto adoption within the country.

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