In a major turn of events, citizens of Bulgaria can now invest in crypto assets on the stock exchange in their home country. Following the lead of key European platforms that offer such products, the Bulgarian Stock Exchange recently released eight ETNs based on two digital currencies, bitcoin and ethereum.
The development comes as the crypto sector’s market valuation surpassed $3 trillion last year, indicating the industry’s blazing success. For traders to try out the BSE’s crypto trading capability, the exchange has launched eight exchange-traded notes (ETNs) based on Bitcoin and Ethereum. According to its website, the BSE was established in 1995 as the country’s first operational stock exchange.
The Bulgarian Stock Exchange (BSE) has begun trading cryptocurrency products based on bitcoin (BTC) and ethereum (ETH) prices (ETH).
The announcement went on to say,
“Investors looking for suitable innovative crypto products may now freely trade in eight crypto exchange-traded notes (ETNs),”
The BSE underlined in a press release that the Bulgarian stock market is following in the footsteps of major European exchanges such as Deutsche Börse and Euronext, which launched similar products two years ago.
BSE Executive Director, Prof. Dr. Manyu Moravenov commented on the development, saying:
“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.”
According to Moravenov, the ETNs will allow investors to invest in digital assets without having to create or hold crypto wallets or cryptographic keys. They will also have access to regulation-compliant crypto instruments, according to the CEO.
The trading of crypto-based ETNs is part of BSE’s long-standing relationship with Deutsche Börse and market maker Tradegate AG, according to the Bulgarian stock exchange. The release stated that this will ensure the liquidity of the crypto products. The products are exchanged in euros during regular trading hours, according to BSE.
Bulgaria’s Finance Minister Asen Vasilev revealed in a recent interview with Bloomberg that the Southeast European country, which is a member of the European Union, is looking at ways to make cryptocurrency payments easier.
According to Vasilev, who is also deputy Prime Minister of Bulgaria, a crypto payment mechanism might be implemented “in the short to medium term.” He went on to say that the executive branch in Sofia is talking to the Bulgarian National Bank and representatives from the country’s crypto business about the issue.