Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has achieved a significant milestone by obtaining regulatory approval from the Spanish Securities and Exchange Commission (CNMV) to offer Bitcoin (BTC) and Ethereum (ETH) trading services. This development marks the culmination of a multi-year effort that began in 2020, as BBVA sought to integrate cryptocurrency trading into its financial offerings.
BBVA’s journey into the crypto space started with the launch of its crypto services in Switzerland in 2021, leveraging the country’s robust regulatory framework. More recently, BBVA expanded its crypto operations to Turkey through its subsidiary Garanti BBVA, offering trading services for several cryptocurrencies, including Bitcoin, Ethereum, and others.
The approval coincides with the full implementation of the Markets in Crypto-Assets (MiCA) regulation across the European Union, which provides a standardized legal framework for digital asset services. This regulatory environment has encouraged more traditional financial institutions to venture into the crypto space. For instance, other major banks are also exploring similar services, such as partnering with crypto platforms for custody and trading solutions.
BBVA’s new service will allow customers to securely buy, sell, and manage Bitcoin and Ethereum transactions directly through its app, alongside their regular banking activities. The bank will utilize its own cryptographic key custody platform to ensure enhanced security without relying on third-party services.
This move not only expands BBVA’s offerings but also sets a precedent for other Spanish banks to explore cryptocurrency trading, potentially increasing competition in the country’s financial sector. As the MiCA regulations continue to shape the European crypto landscape, BBVA’s approval highlights the growing integration of digital assets into mainstream banking.
