TLDR
- Spanish bank BBVA has received approval to offer Bitcoin and Ethereum trading to clients
- This approval comes as the EU’s Markets in Crypto-Assets (MiCA) regulation takes full effect
- BBVA has been working on crypto trading services since 2020
- The bank already launched crypto trading in Turkey in January
- Other European banks like Deutsche Bank and Société Générale are also entering the crypto market
Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has received approval from Spain’s financial regulator to offer Bitcoin (BTC) and Ethereum (ETH) trading services to its clients. The approval was confirmed in a recent Reuters report.
The regulatory green light comes at a pivotal moment as the European Union’s Markets in Crypto-Assets (MiCA) regulation takes full effect across member states. This comprehensive regulatory framework aims to create a standardized approach to crypto assets throughout the EU.
For BBVA, this approval marks the end of a multi-year journey that began in 2020. The bank had been exploring ways to enter the cryptocurrency sector but needed to wait for clear regulatory guidelines.
The bank had initially considered launching its crypto services from Switzerland. This strategy was based on Switzerland’s established regulatory framework for digital assets under the Financial Market Supervisory Authority (FINMA).
BBVA made its first move into cryptocurrency markets earlier this year. In January, the bank launched crypto trading services in Turkey through one of its local subsidiaries.
A growing number of financial institutions entering the space
This expansion into crypto trading positions BBVA among a growing number of traditional European financial institutions entering the digital asset space. The bank joins several other major European financial players that have already begun offering crypto-related services.
Germany’s Deutsche Bank has been active in the crypto space. The bank has been developing an Ethereum rollup solution in partnership with ZKsync, aiming to improve transaction speeds and reduce costs.
Deutsche Bank is also offering cryptocurrency custody services. These services are being provided through a partnership with digital asset infrastructure provider Taurus.
France’s Société Générale is making moves in the stablecoin sector. Through its digital asset arm SG-FORGE, the bank is launching a euro-backed stablecoin that will operate on the XRP Ledger.
The timing of BBVA’s approval aligns with broader regulatory developments across Europe. The MiCA regulation represents the EU’s most comprehensive attempt to create a unified approach to crypto asset regulation.
MiCA establishes rules for crypto asset service providers across the EU. These rules cover various aspects including issuance, trading, and custody of digital assets.
For consumers, BBVA’s entry into crypto trading means more traditional banking options for cryptocurrency exposure. Bank customers will soon be able to trade Bitcoin and Ethereum through a regulated financial institution they already trust.
Cryptocurrency trading to become more mainstream
This development may help bring cryptocurrency trading more into the mainstream. Having established banks offer crypto services could help reduce the perceived risk for consumers who have been hesitant to use specialized crypto exchanges.
BBVA serves millions of customers across Spain and internationally. The bank’s size and reach could potentially introduce a large new audience to cryptocurrency trading.
The move by BBVA reflects a growing trend of traditional banks acknowledging the importance of digital assets. As customer interest in cryptocurrencies continues to grow, more banks are exploring ways to offer related services.
With the regulatory approval now secured, BBVA is expected to announce specific details about its cryptocurrency trading services soon. The bank has not yet confirmed when the trading services will be available to customers or what fees might apply.
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