One of Spain’s largest banks, BBVA, got approval from the local financial regulator to handle crypto trading orders. The bank is now preparing to offer these services to retail customers, initially focusing on Bitcoin and Ether.
BBVA yesterday announced that it was granted an approval from the Spanish Securities and Exchange Commission (CNMV) to provide custody and execution services for cryptoassets trading in Spain, as required by the Markets in Cryptoassets Regulation (MiCA).
Upon receiving the legal “green light,” the financial institution is actively working on the launch of its crypto offering for the retail customers. Initially, the bank will introduce trading and custody services for the most popular and well-established cryptocurrencies – Bitcoin and Ether.
BBVA new service will let customers safely buy, sell, and manage Bitcoin and Ether through its app, alongside their accounts, investments, and other regular banking activities. It will first be available to a small group of select users and then gradually expand to all private customers in Spain. The expected launch follows similar services the bank introduced in Switzerland in 2021 and Türkiye in 2023.
A key feature of the new service is that BBVA will use its own cryptographic key custody platform, allowing the bank to fully control the protection of customers’ cryptoassets without relying on third parties. However, the bank will not provide advisory services, and the service will only be available at the customer’s initiative.
Gonzalo Rodríguez, Head of Retail Banking in Spain, stated that the bank aims to make it easier for customers to invest in cryptoassets with a simple, accessible service available directly through their mobile phones in a fully digital format. He added that the goal is to help customers explore this new area of digital assets, supported by the security and solvency assurances of a bank like BBVA.
Although the bank didn’t outline the future additions to its crypto service in Spain, we might look at its similar initiatives in other countries to form some expectations. BBVA Switzerland launched its bitcoin custody and trading service for private banking clients in June 2021. Since then, the bank has added Ether and USDC stablecoin to attract institutional clients.
In 2023, Garanti BBVA in Türkiye set up a company to provide cryptoasset custody services, which handles notably various cryptoassets, including not only highly reputable assets like Bitcoin, Ether, USDC, XRP, and Solana, but also less known cryptocurrencies like avax, chiliz, aave, polkadot, INJ, GRT, arbitrum and mana.
Spain will be the next market where the bank will help clients explore digital asset opportunities securely and efficiently. Most probably, the availability of additional cryptocurrencies on the BBVA platform would depend on the local market preferences and investor needs.
