Spanish banking giant BBVA has received approval from Spain's financial regulator to offer Bitcoin and Ethereum trading to its clients, according to Reuters. This comes as the EU's MiCA regulations take effect across member states.
Regulatory Approval Secured
The approval marks the culmination of BBVA's multi-year effort to introduce cryptocurrency services. The bank started exploring crypto trading options in 2020 but waited for the establishment of a proper regulatory framework before proceeding with a full launch in Spain.
BBVA's Cryptocurrency Strategy
Initially, BBVA considered Switzerland as the first market for its crypto services due to its well-established regulatory framework for digital assets under FINMA, preceding the EU's comprehensive MiCA framework. In January, BBVA took its first step into cryptocurrency markets by launching trading services in Turkey through a local subsidiary, gaining practical experience before expanding to its home market.
Trends in European Banks
BBVA is now part of a growing trend of traditional European financial institutions entering the cryptocurrency space. Other major banks have begun offering various crypto-related services. Germany's Deutsche Bank is developing an Ethereum rollup with ZKsync and offering custody services through Taurus. France's Société Générale, through its SG-FORGE division, is launching a euro stablecoin on the XRP Ledger.
The approval for BBVA comes amid increasing integration between traditional banking and digital asset markets across Europe. As regulatory clarity improves under MiCA, more financial institutions may follow suit in providing cryptocurrency trading and custody options to their clients.
