The Bulgarian Stock Exchange (BSE) has begun trading in cryptocurrency instruments based on and monitoring the values of Bitcoin and Ethereum. Investors seeking novel crypto products may now freely trade in eight crypto exchange-traded notes (ETNs), providing a viable alternative to standard cryptocurrencies for the first time in the nation. BSE joins prominent European exchanges like Deutsche Borse and Euronext in offering the new products, which were first traded two years ago.
Giant leap of faith by Bulgarian stock exchange
“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 do not have to create their own crypto wallets or cryptographic keys with BSE International crypto ETNs, and they have assurances that the instruments they pick are systematically regulated and regulatory compliance, said Assoc. Prof. Dr. Manyu Moravenov, executive director of BSE.
BSE maintains its long-term relationship with Deutsche Borse and market maker Tradegate AG with the launch of the new crypto ETNs, which will assure the instruments’ liquidity.
Bulgaria’s crypto past
The Balkan country, which has been a member of the European Union since 2007, is not one of the most well-known cryptocurrency players. Local investors do not require a license to participate in the asset class, and the laws in the business are pretty straightforward. On the other hand, Bitcoin and altcoins are taxed in the same way that any additional profit from the sale of financial assets is.
However, a comprehensive investigation reveals that Bulgaria and cryptocurrency have had a tumultuous relationship in the past. According to multiple sources from 2017, local police seized 213,519 BTC from unlicensed miners during a monetary crime operation. The report was confirmed by “Balkan Interpol”; however, Chief Public Prosecutor Ivan Geshev rejected the seizure at the time.
Surprisingly, this issue has been brushed under the rug in recent years. On the other hand, the newly appointed government called it into doubt. MP Ivaylo Marchev sought comprehensive information regarding the seizure and the location of the possessions from Minister of Internal Affairs Boiko Rashkov earlier this year. That request has yet to get a response from the latter.