| Key Points: – Spain bank BBVA is approved to offer crypto services through its mobile app, initially for selecting users before a wider rollout. – BBVA, which launched crypto services in Switzerland in 2021, is now integrating Bitcoin and Ethereum trading into its Spanish operations. |
Spain’s second-largest bank Banco Bilbao Vizcaya Argentaria (BBVA) has received approval from Spain’s securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), to introduce Bitcoin trading services to its customers.
The announcement, made on March 10, marks a significant step in expanding the bank’s digital asset offerings within Spain.
Spain Bank BBVA Secures Approval to Launch Bitcoin Trading
Spain bank BBVA will integrate cryptocurrency trading into its mobile banking app, allowing users to buy, sell, and manage digital assets alongside traditional financial services.
The bank will maintain full control over customer holdings through its proprietary cryptographic key custody platform, eliminating the need for third-party involvement. Initially, the service will be available to a select group of users before a broader rollout to private customers across Spain in the coming months.
The development follows BBVA’s initial foray into the crypto space through its Swiss branch, which launched Bitcoin custody and trading services for private banking clients in 2021.
Since then, BBVA Switzerland has expanded its offerings to include Ethereum (ETH) and the USDC stablecoin. The bank also extended its digital asset footprint in 2023 through Garanti BBVA in Türkiye, offering custody solutions for various cryptocurrencies.
Traditional Banks Embrace Digital Assets in Europe
BBVA’s move comes as the European Union implements the Markets in Crypto-Assets (MiCA) regulation, which standardizes digital asset regulations across member states. The approval represents the culmination of a multi-year effort to introduce regulated crypto services in Spain, aligning with the bank’s broader digitization strategy.
With the integration of Bitcoin and Ethereum trading into its mobile app, Spain bank BBVA aims to provide a seamless experience for retail and institutional investors.
The growing demand for digital assets among traditional banking customers has prompted other European banks, such as Deutsche Bank and Société Générale, to explore crypto-related services. Société Générale, through its digital asset subsidiary SG-Forge, adopted deposited bonds issued in 2020 on the public blockchain of Ethereum as collateral.
| DISCLAIMER: The information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing. |
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