Banco Bilbao Vizcaya Argentaria (BBVA) declared on March 10 that it had obtained the approval from Spain’s securities authority, the Comisión Nacional del Mercado de Valores (CNMV), to provide Bitcoin (BTC) and Ether (ETH) trading services to its clientele.
The crypto provisions of Spain’s second-largest bank will allow users to purchase, sell, and oversee digital assets via its mobile application. The financial institution mentioned it will leverage its proprietary cryptographic key custody platform to retain complete control over client assets without the need for third-party involvement.
At first, the launch will be confined to a selective group of users before progressively extending to all individual customers throughout the Iberian country in the upcoming months.
Related: Bitcoin and Ether can ‘significantly enhance’ portfolio performance: BBVA
BBVA’s cryptocurrency journey commenced in Switzerland
BBVA’s venture into cryptocurrency initiated in Switzerland, where it introduced Bitcoin custody and trading solutions for private banking customers in June 2021. The Swiss division has since expanded its offerings to encompass Ether and the USDC (USDC) stablecoin.
In January 2025, BBVA’s Turkish subsidiary Garanti BBVA Kripto rolled out its cryptocurrency trading services to the public. With Spain now joining the initiative, BBVA is enhancing its crypto services in accordance with evolving European regulations.
TradFi and cryptocurrency firms compete for MiCA permit
BBVA’s growth occurs as the Markets in Crypto-Assets Regulation (MiCA) achieved full execution at the conclusion of 2024. While the framework is currently active, crypto companies within the EU have until July 2026 to thoroughly adhere to its stipulations under an 18-month transitional period.
Following MiCA’s introduction, traditional finance entities have intensified their attempts to acquire MiCA licenses and incorporate crypto services. Prime brokerage Hidden Road secured its MiCA license in the Netherlands on Dec. 30, 2024. Standard Chartered followed suit on Jan. 9, receiving authorization in Luxembourg, while Boerse Stuttgart Digital Custody became Germany’s inaugural MiCA-licensed crypto service provider on Jan. 17.
Native cryptocurrency firms are also adapting to the new regulatory framework. In January 2025, prominent exchanges OKX, Crypto.com, and HashKey all obtained MiCA approval. Bybit, which experienced the largest hack in cryptocurrency history, was recently removed from France’s blacklist and has expressed the intention to pursue a MiCA license next.
Magazine: SEC’s shift on crypto leaves critical questions unanswered
Be the first to comment