Prime highlights:
Spanish bank BBVA will soon offer bitcoin and ether trading services to its customers in Spain.
The bank has received approval from the Spanish Securities and Exchange Commission (CNMV) to provide crypto services.
Customers will be able to manage their crypto transactions alongside traditional banking services via the BBVA app.
Key background:
Banco Bilbao Vizcaya Argentaria (BBVA), one of Spain’s leading financial institutions, has announced that it will soon offer cryptocurrency trading services to its customers in Spain. The bank, headquartered in Madrid, has secured approval from the Spanish Securities and Exchange Commission (CNMV) to allow customers to buy, sell, and manage transactions involving bitcoin and ether through its digital banking platform. This move comes in response to the European Markets in Cryptoassets Regulation (MiCA), which mandates that banks must obtain regulatory approval to provide crypto services. With this approval, BBVA aims to integrate cryptocurrency trading within its existing banking app, enabling users to manage their crypto transactions alongside traditional banking activities such as accounts and investments.
Initially, the new crypto services will be available to a select group of customers, with plans to gradually expand access to all private banking clients in Spain over the coming months. This initiative positions BBVA alongside other major European banks, including Germany’s Deutsche Bank and France’s Société Générale, which are at the forefront of adopting digital currencies in the region. BBVA has already been offering similar crypto trading options in Switzerland and Turkey since 2021 and 2023, respectively, capitalizing on the regulatory frameworks that existed before the full implementation of MiCA in December 2024.
The Spanish bank emphasized that it would use its own proprietary cryptographic key custody platform to ensure the security of its customers’ crypto assets, eliminating the need for third-party involvement. However, BBVA clarified that the new service would not include advisory services, and users would need to request the feature individually. This development reflects the increasing integration of cryptocurrencies into mainstream financial services as regulatory frameworks continue to evolve in Europe and the US.
