Spanish banking giant BBVA has gained approval from CNMV to offer Bitcoin and Ethereum trading services, marking the culmination of years of effort to integrate crypto trading into its financial offerings.
BBVA's Long Path to Crypto Trading
BBVA began its journey into the crypto space with the launch of crypto services in Switzerland in 2021. Later, it expanded to Turkey through its subsidiary Garanti BBVA, offering trading for several cryptocurrencies including Bitcoin and Ethereum.
Expansion of BBVA's Crypto Services
With CNMV's approval, BBVA will allow customers to securely buy, sell, and manage Bitcoin and Ethereum transactions directly through its app, utilizing its own cryptographic key custody platform.
Regulation and the Future of Crypto Trading
The approval coincides with the full implementation of MiCA regulation in the EU, encouraging financial institutions to explore the crypto market. This move could lead other Spanish banks to explore cryptocurrency trading, increasing competition in Spain's financial sector.
This development not only expands BBVA's offerings but also highlights the growing integration of digital assets into mainstream banking services.
