Scandinavia's largest bank, Nordea, has recently changed its stance on cryptocurrencies. In light of the increasing popularity of cryptocurrencies and the clearer regulatory environment, the bank announced that its customers will be able to access external Bitcoin-linked exchange-traded products (ETPs) starting in December.
Nordea stated on Thursday that this ETP, developed by digital asset investment firm CoinShares and based on Bitcoin as the underlying asset, will soon be launched.
This ETP is offered solely as a trading product, meaning customers can purchase it, but Nordea does not provide related investment advice.
According to the semi-annual performance report released in July, Nordea manages total assets exceeding $286 billion, with an estimated customer base of over 10 million.
In 2018, the bank implemented a ban on employees due to regulatory concerns, but it has now adjusted its stance due to policy changes.
The bank pointed out that this shift in attitude is primarily due to strengthened regulation and market maturity, citing the introduction of the European crypto-assets market regulation (MiCA) as evidence.
Nordea stated: "Nordea has been closely monitoring cryptocurrency trends, but due to the lack of regulation, insufficient investor protection, and the absence of oversight by authoritative bodies, we have maintained a cautious attitude during the rise of digital currencies."
In addition to regulation, Nordea noted that the demand for cryptocurrencies is growing in the Nordic region, which is another reason for its decision.
According to a March survey by digital asset company K33 on Nordic crypto adoption, approximately 2.1 million people in the Nordic region, including Denmark, Norway, Sweden, and Finland, hold cryptocurrencies, representing an estimated 2.8 million population.
K33 estimates that about 28% of respondents also indicated plans to purchase cryptocurrencies within the next decade, with the number of holders expected to rise to 6.4 million by 2035.
Related: Reports indicate that institutional traders are now driving 80% of Bitget's trading volume.
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