In yet another move exemplifying the increasing institutional adoption of crypto, particularly within the European banking sector, Spain’s second largest Bank, BBVA, has announced its new trading service for Spanish customers.
Rolling out after receiving the mandatory MiCA license, BBVA’s new trading service, available by its mobile application, will allow users to buy, sell, and manage other Bitcoin (BTC) and Ethereum (ETH) transactions by it.
Notably, the trading service launch for these two largest cryptocurrencies – ETH and BTC – by market cap comes as BBVA wraps up its multi-year long regulatory formalities with Spain’s financial regulator, the Comisión Nacional del Mercado de Valores (CNMV).
The move comes amid the growing demand for digital assets among traditional banking customers with other European Banks such as Deustche and Société Générale already offering crypto-related services to their customers.
BBVA’s Entry into Spain’s Crypto Trading Market
BBVA has been exploring blockchain and digital asset solutions for several years. While Spanish banks have traditionally maintained a cautious approach to crypto, BBVA’s decision could encourage other financial institutions to explore similar offerings.
It made its entrance into the crypto market with its Swiss arm, BBVA Switzerland, launching Bitcoin trading and custody services in 2021. And now the bank’s latest service launch in Spain, will extend these offerings to a broader client base in Spain, allowing customers to buy, sell, and hold Bitcoin and Ethereum through BBVA’s digital banking platform.
What it Means for Spanish Customers
BBVA’s crypto trading services are expected to be integrated within its existing mobile banking app, enabling seamless access for retail and institutional investors. Users will be able to manage both traditional and digital assets within a single interface of BBVA mobile app, streamlining the process of portfolio diversification.
As per the revelation in the Press Release, the service will be first rolled out to a small group of users and then gradually extend to all private customers in Spain over the coming months. To avoid third-party reliance, BBVA will utilize its own cryptographic key custody platform, allowing the bank to maintain full control over safeguarding its customers’ cryptoassets.
Additionally, BBVA’s crypto services will not initially include decentralized finance (DeFi) products or staking mechanisms, focusing instead on basic trading and custody solutions. However, the bank has indicated that it may explore additional crypto-related services depending on customer demand and regulatory developments.
Regulatory Race for MiCA
Notably, BBVA’s move comes amid a rapidly evolving regulatory landscape for cryptocurrencies in Spain and across the European Union. The Markets in Crypto-Assets (MiCA) regulation, that came to force in 2024, aims to establish a comprehensive framework for digital assets, ensuring greater transparency, consumer protection, and institutional oversight.
Since its enforcement, various crypto entities and exchanges have been racing to receive the MiCA permit, with notable names, including OKX, HashKey, Crypto.com, Bybit. Notably, OKX received the MiCA license last month only and launched its services in 28 EEA states.
European Banks Entering the Crypto Trading Foray
The move also reflects a broader trend of institutional adoption of cryptocurrencies, with major bank worldwide—including JPMorgan, Goldman Sachs, and Deutsche Bank—actively developing digital asset services.
Deutsche Bank of Germany has Partnered with Taurus, a Swiss crypto infrastructure firm, to offer crypto custody solutions.
Société Générale of France by its subsidiary, Forge, received regulatory approval to offer digital asset services.
UBS of Switzerland Offers crypto-related financial products for high-net-worth clients.
And now BBVA’s involvement could further bolster confidence in the legitimacy of cryptocurrencies, potentially attracting a new wave of retail and institutional investors in Spain.
What’s Next for Spanish Customers?
BBVA has hinted at potential future expansions in its crypto services, including the addition of more digital assets, tokenized securities, and blockchain-based financial products. The bank is also reportedly exploring partnerships with fintech and crypto firms to enhance its digital asset infrastructure.
In the long term, BBVA’s involvement in crypto could pave the way for broader blockchain adoption across Spain’s financial ecosystem. As regulatory clarity improves and customer interest grows, the integration of digital assets into traditional banking could become a defining trend in the industry.
Thus, BBVA’s decision to offer Bitcoin and Ethereum trading services marks a pivotal moment in the intersection of traditional finance and the digital economy of Spain and Europe.
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