BBVA Gets Regulatory Nod to Offer Bitcoin and Ether Trading in Spain
Spain's second-largest lender, Banco Bilbao Vizcaya Argentaria (BBVA), has announced that it has received the regulatory nod from Spain's securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), to offer Bitcoin (BTC) and Ether (ETH) trading services to its customers. This development marks an important milestone for BBVA, which will enable users to buy, sell, and manage cryptocurrencies on its mobile banking app.
The lender said it will use its own cryptographic key custody platform to maintain full control over customer holdings without third-party involvement. This move is significant as it demonstrates BBVA's commitment to providing its customers with secure and regulated cryptocurrency services.
Initially, the rollout will be limited to a select group of users before gradually expanding to all private customers across Spain in the coming months. This phased approach allows BBVA to test its systems and ensure that everything is in place before opening up its crypto services to the wider market.
BBVA's Crypto Journey Begins
BBVA's foray into cryptocurrency began in Switzerland, where it launched Bitcoin custody and trading services for private banking clients in June 2021. The Swiss branch has since broadened its offerings to include Ether and the USDC (USDC) stablecoin.
In January 2025, BBVA's Turkish subsidiary Garanti BBVA Kripto launched its crypto trading services to the public. With Spain now entering the fold, BBVA is broadening its crypto services in line with evolving European regulations.
Evolution of Regulations and Industry Response
The Markets in Crypto-Assets Regulation (MiCA) reached full implementation at the end of 2024. While the framework is now in effect, crypto companies in the EU have until July 2026 to fully comply with its requirements under an 18-month transitional phase.
TradFi and crypto firms are scrambling for MiCA permits and licenses as the regulatory landscape continues to evolve. Prime brokerage Hidden Road obtained its MiCA license in the Netherlands on December 30, 2024, while Standard Chartered followed on January 9, receiving approval in Luxembourg. Boerse Stuttgart Digital Custody became Germany's first MiCA-licensed crypto service provider on January 17.
Crypto-native companies are also adjusting to the new regulatory landscape. In January 2025, major exchanges OKX, Crypto.com, and HashKey all secured MiCA approval. Bybit, which suffered the largest hack in crypto history, was recently removed from France's blacklist and has expressed intent to obtain a MiCA license next.