Spanish financial institutions, including BBVA, Santander, and Caixabank, are setting the stage to provide Bitcoin and other cryptocurrency services by 2025. This is linked to the anticipated enforcement of the MiCA regulation in the European Union from January 2025.

Planning for Crypto Services

During the Merge Madrid event from October 8-10, banks discussed plans to implement crypto services. Francisco Maroto from BBVA shared insights on the bank's readiness to offer custodial and trading services. BBVA has already integrated cryptocurrency services in Switzerland and Turkey and plans to extend these offerings to other countries, pending regulatory approvals.

Adapting to New Regulations

Banco Santander is adapting to the new regulatory landscape, noting the growing interest in cryptocurrencies as an alternative asset class. Santander already offers a cryptocurrency trading product through its digital bank Openbank and plans to expand services across the Eurozone by the first quarter of 2025. CaixaBank is evaluating cryptocurrency service options, actively exploring partnerships with fintech companies.

Market Dynamics and Consumer Demand

MiCA is expected to offer more legal certainty and increase consumer protection standards in the EU's crypto-asset market. Francisco Maroto noted that although the framework allows banks to legally offer cryptocurrencies, actual market demand in Europe remains to be fully realized.

Spanish banks are actively preparing for specific changes in the cryptocurrency domain, embracing new regulations and exploring service offerings in response to growing consumer interest.