BBVA bank gains approval to offer crypto trading in Spain

Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest bank, has secured regulatory support from the Spanish Securities and Exchange Commission (CNMV) to connection crypto services successful the country.

According to a March 10 statement, BBVA tin present connection custody and execution services for crypto trading, providing its clients with regulated entree to integer assets.

Initially, users tin commercialized Bitcoin and Ethereum done the bank’s app portion managing their regular banking needs. The work volition rotation retired to a prime radical earlier expanding to each backstage banking customers successful Spain.

The slope has confirmed that it volition trust connected its in-house cryptographic cardinal custody strategy to guarantee implicit power and enhanced idiosyncratic security. However, it volition not supply concern advice, leaving clients to negociate their crypto transactions.

MiCA-fueled expansion

BBVA’s introduction into the Spanish crypto marketplace follows a increasing inclination of accepted fiscal institutions embracing integer assets, peculiarly aft the instauration of Europe’s Markets successful Crypto-Assets (MiCA) framework.

MiCA establishes a unified regulatory operation for integer assets crossed the European Union, aiming to standardize rules and destruct regulatory discrepancies.

Meanwhile, the bank’s engagement with integer assets began successful 2021 erstwhile it launched crypto services successful Switzerland, leveraging the country’s Financial Market Supervisory Authority (FINMA) guidelines.

In 2023, BBVA expanded its crypto footprint done Garanti BBVA successful Türkiye, offering custody solutions for assorted cryptocurrencies, including Bitcoin, Ethereum, XRP, Solana, Avalanche, and Chiliz.

With MiCA regulations successful place, BBVA is extending its services to Spain. Gonzalo Rodríguez, BBVA’s Head of Retail Banking successful Spain, noted that the slope aims to marque crypto investing straightforward for its customers.

He emphasized that BBVA’s expertise successful fiscal information volition enactment clients arsenic they research the integer plus market.

The station BBVA slope gains support to connection crypto trading successful Spain appeared archetypal connected CryptoSlate.