After receiving regulatory approval, the Spanish bank BBVA will begin offering cryptocurrency trading

As the EU’s MiCA rule goes into full force, Spanish bank BBVA has been given regulatory authority to allow customers to trade Bitcoin and Ethereum.

The Spanish bank BBVA has been given permission by regulators to allow customers to trade Bitcoin and Ethereum.
The approval coincides with the full implementation of the EU's MiCA rule throughout the EU.
This marks the end of BBVA's multi-year strategy to expose clients to digital assets.
In January, BBVA established a local subsidiary to begin cryptocurrency trading in Turkey.
Additionally, other European institutions like Société Générale and Deutsche Bank are getting involved in the cryptocurrency market.

Spanish financial regulators have given Banco Bilbao Vizcaya Argentaria (BBVA), the country’s second-largest bank, permission to provide its customers with trading services for Bitcoin (BTC) and Ethereum (ETH). This development is a significant step toward the adoption of cryptocurrencies by traditional banks in the EU.

The timing of the approval is crucial. All member states have now completely embraced the EU’s Markets in Crypto-Assets (MiCA) regulation. A thorough regulatory framework for digital assets across the EU is offered by MiCA.

For BBVA, this is the end result of a long process. For a number of years, the bank has been striving to provide its customers with exposure to digital assets. With the bank’s official entry into the Bitcoin market in its native nation, the wait seems to have been worthwhile.

In fact, BBVA’s foray into cryptocurrency started in 2020. The bank originally declared its intention to enter the digital asset market at that time, subject to the necessary regulatory clearance. Since MiCA had not yet been put into effect, there was regulatory ambiguity.

At first, BBVA thought of starting its crypto services from Switzerland because of this uncertainty. The Financial Market Supervisory Authority’s (FINMA) established regulatory framework for digital assets in Switzerland served as the impetus for this strategic decision.

However, the bank can now run these services straight from Spain according to a recent approval. This implies that Spanish clients will soon be able to trade Bitcoin and Ethereum using their well-known banking system.

With regard to the bitcoin industry, BBVA has already acquired considerable experience. Through a local affiliate, the bank began offering cryptocurrency trading services in Turkey in January of this year. Their Spanish rollout may have benefited from the insightful information this earlier launch may have offered

Digital Assets Are Adopted by the European Banking Sector

The massive Spanish bank is not the only one pursuing cryptocurrency. Recently, other significant European financial institutions have also begun to enter the digital asset market.

ZKsync and Deutsche Bank of Germany have been working on an Ethereum rollup. The German bank has partnered with Taurus to provide custody services as well. These programs show how dedicated Deutsche Bank is to integrating blockchain technology into its services.

Société Générale, the leading French bank, is adopting a different strategy. The bank is introducing a euro stablecoin on the XRP Ledger through its SG-FORGE division. A distinct market niche for cryptocurrencies is represented by stablecoins, which are tethered to conventional currencies in order to preserve price stability.

A developing trend is represented by BBVA’s foray into bitcoin trading. Digital assets are becoming more and more integrated into the services provided by traditional financial institutions throughout Europe.

More options are now available to Spanish customers thanks to this advancement. Instead of relying solely on specialist cryptocurrency exchanges, they will soon be able to trade Bitcoin and Ethereum through a reputable financial institution.

When consumers will be able to access the new trading services has not yet been disclosed by the bank. Additionally, it has not disclosed any potential costs related to trading cryptocurrencies on its site.

BBVA provides services to more than 60 million clients worldwide. Its foray into bitcoin trading may expose a sizable number of new users to digital assets. This could encourage more people to adopt cryptocurrencies than just the present users.

FAQ

What cryptocurrencies will BBVA offer for trading?

BBVA will allow its customers to trade Bitcoin (BTC) and Ethereum (ETH), two of the most popular digital assets in the market.

Why is BBVA launching cryptocurrency trading now?

BBVA’s approval coincides with the full implementation of the EU’s MiCA (Markets in Crypto-Assets) regulation, which provides a clear legal framework for digital assets across the EU.

Will BBVA offer cryptocurrency trading services outside of Spain?

BBVA has already started crypto trading services in Turkey through a local subsidiary. While the current approval applies to Spain, future expansions may be considered.

How can BBVA customers access Bitcoin and Ethereum trading?

The bank has not yet disclosed specific details on how customers can access these services. More information, including any associated fees, is expected to be announced soon.

Are other European banks also entering the cryptocurrency market?

Yes, major European banks like Société Générale and Deutsche Bank are also exploring digital assets, offering services such as stablecoins and blockchain-based financial solutions.