BBVA, the Bilbao-based bank, has received approval from the Spanish Securities and Exchange Commission (CNMV) to provide custody and execution services for cryptoassets trading orders in Spain.
Having secured the green light from the CNMV, BBVA plans to launch a new crypto service for its customers, which will enable them to buy, sell, and manage Bitcoin and Ether transactions through its existing banking app.
It said that, initially, it will roll out the service to a small group of users and gradually extend to all private customers in Spain over the coming months. This initiative builds on the bank’s experience in Switzerland and Türkiye, where it has offered similar services since 2021 and 2023, respectively.
By enabling its customers in Spain to manage their cryptoassets trading orders alongside their accounts, investments, and regular banking activities, BBVA says it is looking to deliver an integrated experience across its digital channels while advancing its digitisation strategy.
“We want to make it easier for our customers to invest in cryptoassets with a simple, accessible offering available directly from their mobile phones, in a fully digital manner,” explained Gonzalo Rodríguez, head of retail banking in Spain for BBVA. “Our goal is to guide them as they explore this new segment of digital assets, backed by the solvency and security assurances provided by a bank like BBVA.”
BBVA highlighted that the new service will utilise its own cryptographic key custody platform, enabling the bank to maintain full control over safeguarding its customers’ cryptoassets without relying on third parties. However, the bank will not offer advisory services, and the service will be available solely at the customer’s initiative.
Crypto expansion
BBVA’s expansion into cryptocurrency trading follows the introduction of the Markets in Crypto-Assets Regulation (MiCA) at the end of 2024. These rules govern the issuance and provision of cryptoasset services in the European Union and promote greater protection for investors who opt for this type of asset. They also required BBVA to complete its notification formalities with the CNMV.
The new launch comes in response to growing investor interest, leading to the bank establishing cryptoasset services in markets with regulatory frameworks designed to ensure investor protection.
BBVA Switzerland launched the Bitcoin custody and trading service to all its private banking clients in June 2021. Since then, BBVA has broadened its offerings to include new cryptoassets like ether and the USDC stablecoin, aiming to attract additional institutional clients.
In 2023, Garanti BBVA established a dedicated company in Türkiye to provide cryptoasset custody services. This company already handles Bitcoin, Ether, USDC, Solana, XRP, avax, chiliz, aave, polkadot, INJ, GRT, arbitrum and mana – which may hint to what the future expansion of these services in Spain will look like.
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