Spanish Second Largest Bank BBVA Secures Approval to Offer BTC & ETH Trading

BBVA Headquarters in Spain //Photo courtesy

BBVA (Banco Bilbao Vizcaya Argentaria), Spain’s second-largest bank, has received approval from the country’s securities and Exchange Commission (CNMV) to provide custody and execution services for crypto-assets trading in Spain.

The bank is set to launch a service that will enable its clients to purchase, sell and handle Bitcoin and other transactions via its app.

The service is set to be introduced initially to a small group of users, then gradually rolled out to all private customers in Spain who are estimated to be 72 million in the coming months.

This development comes after BBVA launched crypto trading in Switzerland and Turkey in 2021 and 2023, respectively. Other European banks like Deutsche and Socie’te’ Generale, have also entered the crypto space.

Customers being able to control their crypto assets trading orders directly, alongside their investments, accounts, and regular banking activities within the app, is an added pact to the arrangement.

“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. 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.” Gonzalo Rodriguez, head of retail banking in Spain said.

The EU’s Markets in Crpto-Assets (MICA), Title II regulations, responsible for covering transparency and disclosure for crypto assets, likely facilitated BBVA’s compliance by setting clear standards for offering services. The regulatory measures also allow entities that were already providing crypto services before December 30, 2024 to continue until July 2026 to enable BBVA’s smooth transition

BBVA complied with MICA’s transparency and disclosure requirements which requires uniform rules for crypto-markets and ensuring that customers are informed about the risks associated with Bitcoin and Ethereum trading.

Reportedly, BBVA will use its own cryptographic key custody platform that gives the bank full control over its customers’ crypto assets, while safeguarding them without relying on third parties.