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Spanish bank BBVA secures regulatory green light to offer Bitcoin and Ether trading in Spain

Source Cryptopolitan

Spanish bank BBVA has said it received approval from the country’s securities regulator to offer Bitcoin and Ether trading services in Spain. The bank will launch an app that allows its clients to securely purchase, sell, and handle these crypto transactions.

This latest wide-ranging effort comes on the heels of the European Union (EU) releasing guidelines regarding the operation of crypto services and investor protection under the Markets in Cryptoassets Regulation (MiCA). BBVA passed all contractual documents through the CNMV (Comisión Nacional del Mercado de Valores Española).

The bank has also offered these kinds of services in Türkiye as of 2023 and in Switzerland since 2021. Now, it’s moving into Spain. According to the bank’s announcement, the new service enables customers to manage their crypto investments more easily and securely.

Spanish residents can enjoy a simple and secure crypto experience

BBVA seeks to make crypto investing accessible to its customers. Users can trade Bitcoin and Ethereum directly through their existing banking app, and their crypto assets co-exist alongside their bank accounts and other financial products.

The bank is building the service on its system to archive cryptographic keys securely. These keys allow users to control their crypto assets. However, BBVA won’t provide investment advice, even though it will provide the platform. Customers will need to decide when to buy or sell crypto.

BBVA has studied blockchain technology for over ten years. Cryptocurrencies like Bitcoin and Ethereum use blockchain technology, and the bank strongly believes that this technology has great potential in the fintech sphere as well.

BBVA’s early focus in Switzerland was on supporting Bitcoin only. Then, it began providing Ethereum and USDC, along with one stablecoin, which attracted more institutional clients wanting to invest in digital assets.

In 2023, Garanti BBVA, the Turkish arm of the bank, began offering crypto custody services. This means it shields clients by keeping their computerized resources secure.

Currently, the Türkiye branch supports numerous cryptocurrencies, including Bitcoin, Ethereum, USDC, Solana, XRP (Ripple), Avax, and Chiliz.

Now, BBVA is bringing its crypto expertise to Spain. The country will have a reliable and easy-to-use service, which the bank believes will make it safer for more people to experiment with digital assets.

BBVA expands digital finance vision with crypto and open banking

In addition to expanding its crypto business in Spain, BBVA is exploring other opportunities as digital asset interest grows in other markets. The bank is leveraging an institution-level solution, one that helps to construct a trusted platform through which customers can trade safely and securely.

This week, BBVA also began offering open banking services on its account and payment app, BBVA Wallet, as part of a broader digital push. The bank aims to leverage technology to enhance banking services to the next level. Adding crypto to its app is only the latest step in that process.

The bank has ensured that the service meets EU rules. The rules are designed to protect investors and make crypto markets safer. As a crypto service, BBVA guarantees that all its customers’ crypto activities are MiCA compliant since the regulation is at various stages of implementation. Crypto will become more widely available, with the new launch in Spain.

The bank is also looking to expand future crypto services. BBVA’s integrated Spanish services gradually push the market closer to crypto adoption. The bank is all about security, ease of use, and compliance. Based on key experience delivering a safe crypto service to customers in Switzerland and Türkiye, BBVA is nicely positioned to diversify this providing.

BBVA recognizes its place in the banking industry as digital assets gain popularity. The bank said that customers with a traditional risk profile could now tap into crypto, secure in the knowledge that they were doing so via a reputable financial institution. It added that this was only the first of its steps within the digital finance plane.

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