BBVA Receives Regulatory Approval to Offer Crypto Services in Spain
Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest bank, has been granted regulatory approval by the Spanish Securities and Exchange Commission (CNMV) to provide crypto services in the country.
What Services Will BBVA Offer?
- BBVA can now offer custody and execution services for crypto trading.
- Clients will have regulated access to digital assets like Bitcoin and Ethereum.
- Initially, users can trade Bitcoin and Ethereum through the bank’s app while managing their regular banking needs.
- The service will first be available to a select group before expanding to all private banking customers in Spain.
Enhanced Security Measures
The bank has assured that it will utilize its in-house cryptographic key custody system to ensure complete control and enhanced user security. However, BBVA will not provide investment advice, leaving clients responsible for managing their crypto transactions.
BBVA’s Expansion Strategy
BBVA’s foray into the Spanish crypto market aligns with the trend of traditional financial institutions embracing digital assets, especially after the introduction of Europe’s Markets in Crypto-Assets (MiCA) framework.
Previous Crypto Ventures by BBVA
- In 2021, BBVA launched crypto services in Switzerland following the country’s Financial Market Supervisory Authority (FINMA) guidelines.
- In 2023, BBVA expanded its crypto footprint through Garanti BBVA in Türkiye, offering custody solutions for various cryptocurrencies including Bitcoin, Ethereum, XRP, Solana, Avalanche, and Chiliz.
Future Plans in Spain
With MiCA regulations in effect, BBVA is extending its crypto services to Spain. Gonzalo Rodríguez, BBVA’s Head of Retail Banking in Spain, aims to simplify crypto investing for customers, leveraging the bank’s expertise in financial security to support clients exploring the digital asset market.
About the Author
Liam ‘Akiba’ Wright, Editor-in-Chief at CryptoSlate, believes in the transformative potential of decentralized technology to drive positive change.
