TLDR
- BBVA has received approval from Spanish regulators to offer Bitcoin and Ether trading
- This service will be rolled out gradually to retail customers in Spain through the BBVA app
- BBVA will use its own cryptographic key custody platform, maintaining control without third parties
- The bank has already offered crypto services in Switzerland since 2021 and Turkey since 2023
- BBVA’s move comes as the EU’s Markets in Crypto-Assets (MiCA) regulation takes full effect
Banco Bilbao Vizcaya Argentaria (BBVA), one of Spain’s largest banks, has received approval from the Spanish Securities and Exchange Commission (CNMV) to offer Bitcoin and Ether trading services to its clients.
The approval follows the full implementation of the European Union’s Markets in Crypto-Assets (MiCA) regulation.
The bank plans to launch these new services through its mobile app. Customers will be able to buy, sell, and manage Bitcoin and Ether alongside their regular banking activities. This creates an easy way for regular bank customers to access crypto markets.
BBVA will first test the service with a small group of users. The rollout will then expand to all private customers in Spain over the coming months. This careful approach allows the bank to monitor and adjust the service as needed.
The service will not include investment advice from the bank. BBVA emphasized that customers will use the crypto trading features at their own initiative. This hands-off approach follows common practice in the crypto industry.
A key feature of BBVA’s offering is its in-house custody solution. The bank will use its own cryptographic key custody platform rather than relying on third-party providers. This gives BBVA direct control over the security of customer assets.
Gonzalo RodrÃguez, Head of Retail Banking in Spain, explained the bank’s strategy.
“We want to make it easier for our customers to invest in cryptoassets with a simple, accessible offering available directly from their mobile phones, in a fully digital manner,” he said.
RodrÃguez also highlighted the bank’s commitment to customer guidance.
“Our goal is to guide them as they explore this new segment of digital assets, backed by the solvency and security assurances provided by a bank like BBVA,” he added.
Blockchain Technology Research
BBVA has been researching blockchain technology for over ten years. The bank has shown long-term interest in how this technology might transform financial services. This research has now led to practical consumer products.
The Spanish approval marks another step in BBVA’s expanding crypto strategy. The bank first entered the crypto space in Switzerland in 2021. BBVA Switzerland offers Bitcoin custody and trading to its private banking clients.
Since then, BBVA Switzerland has expanded its crypto offerings. The bank now includes Ether and USDC stablecoin among its available assets. These additions aim to attract more institutional clients to the bank’s crypto services.
In 2023, BBVA continued its crypto expansion in Turkey. The bank established a dedicated company there to provide crypto custody services through its subsidiary Garanti BBVA. This specialized company now handles a wide range of cryptocurrencies.
The Turkish operation supports 13 different cryptocurrencies. These include Bitcoin, Ether, USDC, Solana, XRP, Avalanche, Chiliz, Aave, Polkadot, Injective, The Graph, Arbitrum, and Decentraland. This shows BBVA’s willingness to support a diverse range of digital assets.
BBVA is not the only European bank moving into the crypto space. Germany’s Deutsche Bank is working on an Ethereum scaling solution. Deutsche Bank is developing this technology in partnership with ZKsync.
The German bank is also entering the crypto custody business. Deutsche Bank is working with Swiss crypto firm Taurus to develop these services. This shows a broader trend of traditional banks engaging with crypto technology.
French banking giant Société Générale is also active in the crypto space. Their SG-FORGE division is launching a euro stablecoin. This digital euro will operate on the XRP Ledger, according to previous reports.
Spain will now become the third market where BBVA offers crypto services. The bank describes its approach as empowering clients to “explore the opportunities of digital assets with agility, efficiency, and in line with the highest security standards.”
