Banco Bilbao Vizcaya Argentaria (BBVA), the second-largest bank in Spain, has received regulatory approval from the Spanish Securities and Exchange Commission (CNMV) to offer cryptocurrency services in the country.
In a statement released on March 10, BBVA announced that it can now provide custody and execution services for cryptocurrency trading, allowing its clients to access digital assets in a regulated manner. Initially, customers will be able to trade Bitcoin and Ethereum through the bank’s app while managing their regular banking activities. The service will first be available to a select group of users before expanding to all private banking customers in Spain.
BBVA has also revealed that it will utilize its own cryptographic key custody system to ensure complete control and enhance user security. However, the bank will not offer investment advice, leaving clients to independently manage their cryptocurrency transactions.
The bank’s foray into the Spanish cryptocurrency market comes amidst a broader trend of traditional financial institutions embracing digital assets, particularly following the introduction of Europe’s Markets in Crypto-Assets (MiCA) framework. MiCA aims to establish a unified regulatory framework for digital assets across the European Union, standardizing rules and eliminating regulatory discrepancies.
BBVA’s involvement in digital assets began in 2021 with the launch of cryptocurrency services in Switzerland, leveraging the country’s Financial Market Supervisory Authority (FINMA) guidelines. In 2023, the bank expanded its cryptocurrency offerings through Garanti BBVA in Türkiye, providing custody solutions for various cryptocurrencies including Bitcoin, Ethereum, XRP, Solana, Avalanche, and Chiliz.
Now, with MiCA regulations in place, BBVA is extending its cryptocurrency services to Spain. Gonzalo Rodríguez, BBVA’s Head of Retail Banking in Spain, emphasized the bank’s commitment to making cryptocurrency investing simple and secure for its customers. He highlighted BBVA’s expertise in financial security as a key resource to support clients as they navigate the digital asset market.
As traditional financial institutions like BBVA continue to embrace cryptocurrency, the landscape of digital asset services is evolving to meet the growing demand for regulated access to this emerging asset class. With regulatory frameworks like MiCA providing a clear structure for the industry, banks like BBVA are well-positioned to offer secure and reliable cryptocurrency services to their customers.