Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest bank, has secured regulatory approval from the Spanish Securities and Exchange Commission (CNMV) to offer crypto services in the country.
According to a March 10 statement, BBVA can now offer custody and execution services for crypto trading, providing its clients with regulated access to digital assets.
Initially, users can trade Bitcoin and Ethereum through the bank’s app while managing their regular banking needs. The service will roll out to a select group before expanding to all private banking customers in Spain.
The bank has confirmed that it will rely on its in-house cryptographic key custody system to ensure complete control and enhanced user security. However, it will not provide investment advice, leaving clients to manage their crypto transactions.
MiCA-fueled expansion
BBVA’s entry into the Spanish crypto market follows a growing trend of traditional financial institutions embracing digital assets, particularly after the introduction of Europe’s Markets in Crypto-Assets (MiCA) framework.
MiCA establishes a unified regulatory structure for digital assets across the European Union, aiming to standardize rules and eliminate regulatory discrepancies.
Meanwhile, the bank’s involvement with digital assets began in 2021 when it launched crypto services in Switzerland, leveraging the country’s Financial Market Supervisory Authority (FINMA) guidelines.
In 2023, BBVA expanded its crypto footprint through Garanti BBVA in Türkiye, offering custody solutions for various cryptocurrencies, including Bitcoin, Ethereum, XRP, Solana, Avalanche, and Chiliz.
With MiCA regulations in place, BBVA is extending its services to Spain. Gonzalo Rodríguez, BBVA’s Head of Retail Banking in Spain, noted that the bank aims to make crypto investing straightforward for its customers.
He emphasized that BBVA’s expertise in financial security will support clients as they explore the digital asset market.
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