BBVA’'s customers in Spain’ will soon be able to buy, sell and manage bitcoin and ethereum transactions through the bank's app after the lender gets the green light from the Spanish Securities and Exchange Commission’ (CNMV).
According to the European Regulation on Crypto Asset Markets ’ne (MiCA), banks need to get this approval if they want to offer crypto services.
In a statement, the bank said that customers in “, Spain, will be able to manage their accounts, investments and regular banking activities, as well as crypto asset trading orders directly from within the app, ’ said.
“ Initially, the service will be offered to a small group of users and gradually in the coming months will be offered to all private customers in Spain’
Together with Germany's Deutsche Bank and France's Société Générale in ’, the Spanish bank is at the forefront of launching crypto services in Europe's ’.
Traditional financial institutions are increasingly embracing digital currencies, a trend supported by an increasing number of regulatory frameworks in the US and Europe.
BBVA has been offering similar options in Switzerland and Turkey’ since 2021 and 2023’, respectively.
In these countries, regulatory frameworks were already in place before MiCA’, AB’'s crypto regulation, came into full force in December 2024’.
The Spanish bank said in a statement that the new service does not rely on third parties to guarantee the security of customers' assets.
“BBVA will use the bank's own cryptographic key storage platform, which allows it to have full control over protecting its customers' crypto assets without relying on third parties, ” said.
BBVA added that the new service will be offered to those who want it, and announced that the bank will not provide consultancy services.
