Banco Bilbao Vizcaya Argentaria (BBVA), the second largest bank in Spain, has obtained the approval of the Regulatory of the Spanish Securities and Exchange Commission (CNMV) to offer crypto services in the country.
According to March 10th rackBBVA can now offer guardianship and implementation services for crypto -trade, giving its customers regulated access to digital assets.
Initially, users can exchange Bitcoin and Ethereum via the bank’s app while managing their regular banking needs. The service is rolled out to a selected group before he expands to all customers of private banking in Spain.
The bank has confirmed that he will rely on his internal cryptographic key height system to guarantee full control and improved user protection. However, it will not offer investment advice, so that customers manage their crypto transactions.
Mica-felt expansion
BBVA access to the Spanish cryptomarkt follows a growing trend of traditional financial institutions that embrace digital assets, especially after the introduction of Europe’s markets in crypto-assets (Mica) framework.
Mica establishes a uniform regulation structure for digital assets in the European Union, with the aim of standardizing rules and elimining regulatory discrepancies.
In the meantime, the bank’s involvement in digital assets began in 2021 when the crypto services in Switzerland launched, which used the guidelines for the Financial Market for Financial Market (Finma).
In 2023, BBVA expanded its crypto footprint via Garanti BBVA in Türkiye, which offers custody solutions for various cryptocurrencies, including Bitcoin, Ethereum, XRP, Solana, Avalanche and Chiliz.
With Mica regulations, BBVA is expanding its services to Spain. Gonzalo Rodríguez, the head of the Retail Banking of BBVA in Spain, noted that the bank wants to invest the crypto for its customers.
He emphasized that BBVA’s expertise in financial security will support customers in exploring the digital assets market.
