The Bulgarian Stock Exchange will now allow investors to trade cryptocurrencies through exchange-traded notes (ETN) that track the prices of Bitcoin and Ethereum, which is a positive step for the global adoption of cryptocurrencies.
Bulgaria Stock Exchange said in a press release last week that it will allow investors to trade in eight crypto ETNs,
Including products operated by ETC Group, VanEck and WisdomTree.
Bulgaria now joins several major European exchanges, including the German Stock Exchange and the Netherlands Euronext, all of which allow the trading of cryptocurrency-related products.
Dr. Manu Moravinov, CEO of BSE Bulgarian Stock Exchange, told:
With BSE International crypto ETN, investors are not obligated to create their own crypto wallets or crypto keys, but rather receive assurances that the instruments they choose are systematically regulated and compliant with regulation.
The exchange said the products will be traded in euros, and during normal trading hours.
The liquidity of the products will also be guaranteed by BSE Bulgaria’s partnership with the German Stock Exchange and the specialized exchange operator “Tradegate A”.
Crypto adoption is on the rise.
The Bulgarian Stock Exchange's move to allow cryptocurrency exposure comes amid increasing crypto adoption worldwide.
Bulgarian Finance Minister Asen Vasiliev recently told that the country is exploring options to allow cryptocurrency payments.
Last week, Ukraine legalized cryptocurrencies, even as the country faced the looming threat of an impending Russian invasion.
Concern about a possible invasion has shaken the cryptocurrency markets in recent weeks.
Russia is also seeking to regulate the cryptocurrency market, while India recently revealed tax regulations for cryptocurrency trading, despite the government's reluctance to consider cryptocurrencies legal.
A Chainalysis report last year showed that global adoption of cryptocurrencies has been rapid and has been very strong in emerging markets.
Vietnam and India ranked first in P2P transaction volumes.
