Danske Bank Offers Bitcoin, Ethereum ETPs to Investors, Ending Eight-Year Crypto 'Ban'
Danske Bank now allows customers to invest in Bitcoin and Ethereum exchange-traded products (ETPs) via its eBanking and mobile platforms, responding to increased customer demand for crypto exposure. However, the bank does not endorse cryptocurrencies as a suitable asset class and does not offer investment advice for them, labeling crypto as “opportunistic investments” rather than being appropriate for long-term investors. This move marks a shift from Danske’s previous prohibitive stance, attributed partly to improved regulation of crypto markets, including EU’s Markets in Crypto-Assets Regulation, which the bank says has enhanced investor protection and transparency. Only customers who pass an “appropriateness test” demonstrating understanding of crypto risks can access these ETPs. Danske positions this offering as a response to evolving investor interests, while maintaining its cautious approach and emphasizing the high volatility and risk involved in crypto investments. As of 2024, crypto adoption in Denmark remains relatively low, with about 1.2% of the population owning cryptocurrency and the country ranked 84th globally for adoption.
