EddieJayonCrypto
10 Mar 25
BBVA, Spain's second-largest bank, has received approval from the Spanish Securities and Exchange Commission to offer crypto trading services in the country. The bank will provide custody and execution services for Bitcoin and Ethereum trading through its app, initially for a select group before exp...
BBVA, Spain's second-largest bank, has obtained approval from the Spanish Securities and Exchange Commission (CNMV) to provide cryptocurrency trading services in the country. This approval allows the bank to offer custody and execution services for Bitcoin and Ethereum trading through its app, initially to a select group of users before expanding to all private banking customers in Spain. BBVA will utilize its in-house cryptographic key custody system to enhance user security and control. However, the bank will not offer investment advice, leaving clients to manage their cryptocurrency transactions independently.
This development is part of a broader trend of traditional financial institutions embracing digital assets, largely driven by the introduction of Europe's Markets in Crypto-Assets (MiCA) framework. BBVA had previously launched crypto services in Switzerland, leveraging the country's Financial Market Supervisory Authority (FINMA) guidelines. In addition, the bank expanded its crypto footprint through Garanti BBVA in Türkiye, offering custody solutions for various cryptocurrencies, including Bitcoin, Ethereum, XRP, Solana, Avalanche, and Chiliz. Now, with MiCA regulations in place, BBVA is extending its services to Spain, aiming to simplify crypto investing for its customers.