BBVA will offer bitcoin and ether trading and custody services in Spain
BBVA has received the green light from the Spanish Securities and Exchange Commission (CNMV) to provide custody and execution services for cryptoassets trading orders in Spain. After completing this formality, the bank is preparing to launch its offering for its retail customers, which will initially be available with bitcoin and ether.
As required by the Markets in Cryptoassets Regulation (MiCA), the rules that govern the issuance and provision of cryptoasset services in the European Union and promote greater protection for investors who opt for this type of asset, BBVA has completed the notification formalities with the CNMV. The bank is set to launch a new service, accessible to all its customers, enabling them to securely buy, sell, and manage bitcoin and ether transactions through its app. Initially, the service will be rolled out to a small group of users and gradually extended to all private customers in Spain over the coming months. This initiative builds on the bank's experience in Switzerland and Türkiye, where similar services have been offered since 2021 and 2023, respectively.
Customers in Spain will be able to manage their cryptoassets trading orders directly within the app, alongside their accounts, investments, and regular banking activities. This approach enables the bank to deliver an integrated and seamless experience across its digital channels while advancing its digitization strategy.
A key distinguishing feature of the new service is that BBVA will utilize its own cryptographic key custody platform, allowing the bank to maintain full control over safeguarding its customers' cryptoassets without relying on third parties. However, the bank will not offer advisory services, and the service will be available solely at the customer's initiative.
"We want to make it easier for our customers to invest in cryptoassets with a simple, accessible offering available directly from their mobile phones, in a fully digital manner. Our goal is to guide them as they explore this new segment of digital assets, backed by the solvency and security assurances provided by a bank like BBVA," says Gonzalo Rodríguez, Head of Retail Banking in Spain.
BBVA has been researching the transformative potential of blockchain technology in financial services for over a decade. In response to growing investor interest, the bank has established cryptoasset services in markets with regulatory frameworks designed to ensure investor protection.
BBVA Switzerland launched the bitcoin custody and trading service to all its private banking clients in June 2021. Since then, BBVA has broadened its offerings to include new cryptoassets like ether and the USDC stablecoin, aiming to attract additional institutional clients. In 2023, Garanti BBVA established a dedicated company in Türkiye to provide cryptoasset custody services. This company already handles bitcoin, ether, USDC, Solana, XRP (Ripple), avax, and chiliz. Spain will be the next market where the bank will empower its clients and potential clients to explore the opportunities of digital assets with agility, efficiency, and in line with the highest security standards.