Spanish bank BBVA has received approval from the national regulator to offer Bitcoin and Ethereum trading services. This development aligns with the growing digital asset adoption in Europe.
BBVA to Offer BTC and ETH to Spanish Clients
According to an official report from Reuters, BBVA confirmed that it received national regulatory approval to provide BTC and ETH trading services. The bank's clients will be able to buy, sell, and transfer cryptocurrencies securely via its application. The approval comes after a multi-year regulatory process to enter the crypto industry. In 2020, BBVA had plans to enter the digital asset sector, but regulatory approval was only granted now as MiCA regulations come into effect across Europe.
Crypto Adoption in Europe and the US
BBVA is not the only bank providing crypto services in Europe. Deutsche Bank offers crypto custody through a partnership with Taurus, a leading provider of crypto infrastructure. Société Générale’s SG-FORGE launched a euro-backed stablecoin on the Stellar Network. Efforts to adopt digital assets are also intensifying in the US, where an Executive Order for a Strategic Bitcoin Reserve was recently signed.
European Banks and Cryptocurrencies
The activity of European banks in the cryptocurrency sector continues to grow. Deutsche Bank and Société Générale are setting examples by offering their crypto services. BBVA is also expanding crypto access by launching services in Turkey via its local subsidiary Garanti BBVA Kripto. These initiatives strengthen the position of the crypto industry in the region.
BBVA and other European banks are paving the way for increased cryptocurrency adoption in the region. This reflects the financial institutions' drive to adapt to modern financial technologies and provide new opportunities to their clients.
