Breaking: Bulgarian Stock Exchange Allows Crypto Trading Through ETNs

Ambar Warrick
February 21, 2022
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Bulgaria’s stock exchange will now allow investors to trade crypto assets through exchange-traded notes (ETNs) that track the prices of Bitcoin and Ethereum, in a positive step for global crypto adoption.

The exchange will allow investors to trade in eight crypto ETNs, including products operated by ETC Group, VanEck and WisdomTree, the exchange said in a press release last week.

Bulgaria now joins several major European exchanges, including Deutsche Borse and Euronext, in allowing the trade of crypto-related products. The latter had started trading these instruments two years ago, the Bulgarian Stock Exchange (BSE) said.

“With BSE International crypto ETNs, investors are not committed to creating own crypto wallets or cryptographic keys, while receiving guarantees that the instruments they choose are systematically regulated and regulatory compliant,” says BSE Executive Director Dr Manyu Moravenov.

The BSE said the products will be traded in euros, and during regular trading hours. The liquidity of the products will also be ensured through the BSE’s partnership with Deutsche Borse and specialized exchange operator Tradegate AG.

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Crypto Adoption On The Rise

The BSE’s move to allow crypto exposure comes amid increasing crypto adoption around the world. Bulgarian Finance Minister Asen Vassilev had recently said that the country was exploring options to allow crypto payments.

Last week, Ukraine had legalized cryptocurrencies, even as the country faces the looming threat of a Russian invasion. Jitters over a possible invasion have rattled crypto markets in recent weeks.

Russia had also regulated crypto as legal currency last week, while India recently unveiled tax regulation for trading crypto, although the government refrained from regarding crypto as legal.

A Chainalysis report last year showed global crypto adoption was “skyrocketing,” and was the strongest in emerging markets. Vietnam and India ranked the highest in peer-to-peer transaction volumes.

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.

About Author
About Author
With more than five years of experience covering global financial markets, Ambar intends to leverage this knowledge towards the rapidly expanding world of crypto and DeFi. His interest lies chiefly in finding how geopolitical developments can impact crypto markets, and what that could mean for your bitcoin holdings. When he isn't trawling through the web for the latest breaking news, you can find him playing videogames or watching Seinfeld reruns. You can reach him at [email protected]
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.