BBVA Receives Regulatory Approval to Offer Bitcoin and Ethereum Trading in Spain

Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has secured approval from the country’s financial regulator to offer bitcoin and ether trading. This approval coincides with the implementation of the Markets in Crypto-Assets (MiCA) regulation across the European Union, creating a standardized framework for digital assets.

BBVA Expands Crypto Services

BBVA will introduce its crypto trading service gradually, starting with a limited group of users before making it available to all private customers in Spain. Through the bank’s mobile app, users will be able to buy, sell, and manage bitcoin and ether alongside their regular banking activities.

Unlike some institutions that rely on third-party custodians, BBVA will use its own custody platform to manage cryptographic keys. This approach aligns with its existing crypto services in Switzerland and Turkey.

Gonzalo Rodríguez, head of retail banking in Spain, stated:

“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.”

A Long Regulatory Process and European Crypto Adoption

The approval follows years of regulatory discussions and strategic planning. BBVA initially launched crypto services in Switzerland, where the Financial Market Supervisory Authority (FINMA) had already established clear regulations. Its Swiss unit started offering bitcoin trading in 2021, later adding ether and USD Coin (USDC).

In January 2024, BBVA expanded its crypto services to Turkey through Garanti BBVA, which provides custody solutions for multiple cryptocurrencies.

BBVA is part of a growing trend among European banks embracing digital assets. Other major institutions have made similar moves:

• Deutsche Bank has developed an Ethereum rollup with ZKsync and offers custody services through a partnership with Taurus.
• Société Générale’s SG-FORGE has launched a euro-pegged stablecoin on the XRP Ledger.

What It Means for You [NFA]

BBVA’s entry into the crypto space signals a shift in traditional banking, making digital assets more accessible to everyday users. For customers in Spain, this means a regulated and secure way to trade bitcoin and ether through a trusted financial institution.

For European crypto investors, MiCA’s implementation provides more regulatory clarity, which could lead to greater institutional involvement. As more banks integrate crypto services, users may see increased competition, better security, and more diverse investment options.

However, investing in crypto remains volatile. While banks like BBVA offer security and compliance, prices fluctuate, and risks remain. As always, do your own research before making financial decisions.