Banco Bilbao Vizcaya Argentaria (BBVA) has received approval from Spain’s securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), to offer Bitcoin and Ether services. The bank will now provide custody and execution services for cryptoasset trading in Spain.
BBVA has completed the necessary formalities under the Markets in Cryptoassets Regulation (MiCA). This regulation ensures investor protection and sets rules for cryptoasset services in the European Union.
BBVA boosts retail banking with secure crypto
The bank plans to introduce this new offering to its retail customers, starting with Bitcoin and Ether. Initially, a small group of users will access the service before it expands to all private customers in Spain in the coming months.
Customers will manage their cryptoasset trading directly within BBVA’s app. The platform will integrate these transactions with other banking activities, offering a seamless digital experience. BBVA aims to make cryptoasset management simple and secure, enhancing its digital banking strategy.
BBVA will use its own cryptographic key custody platform. This ensures the bank maintains full control over the security of its customers’ crypto assets without third-party involvement. However, the bank will not provide advisory services. Customers will make investment decisions independently.
Crypto services with security & accessibility
Head of Retail Banking in Spain, Gonzalo Rodríguez, stated that BBVA aims to simplify cryptoasset investments. He emphasized that customers will access the service through their mobile phones in a fully digital manner. BBVA wants to guide users in exploring digital assets while ensuring security and reliability.
The bank has been researching blockchain technology for over a decade. BBVA Switzerland introduced Bitcoin custody and trading services to private banking clients in June 2021. Later, it expanded offerings to include Ether and USDC stablecoin.
In 2023, Garanti BBVA in Türkiye launched a company dedicated to crypto asset custody services. This company manages Bitcoin, Ether, USDC, Solana, XRP, Avax, Chiliz, Aave, Polkadot, INJ, GRT, Arbitrum, and Mana.
BBVA is now bringing these services to Spain. The bank aims to empower clients with secure and efficient access to digital assets. It follows strict security standards and regulatory guidelines. This initiative marks another step in BBVA’s commitment to digital innovation and blockchain integration in financial services.
