BBVA Bank Gets Green Light for Crypto Trading in Spain

BBVA Bank, one of Spain’s leading financial institutions, has received approval from the National Securities Market Commission (CNMV) to offer Bitcoin and Ethereum trading services to retail customers in Spain. The move marks a major step forward in integrating cryptocurrencies into the traditional banking system in Europe.

Cryptocurrency Trading Service Launch
BBVA will allow customers to buy, sell, and manage Bitcoin (BTC) and Ethereum (ETH) directly through the bank’s mobile app, alongside their regular accounts and investments. The service will initially be rolled out to a small group of users and is expected to expand to all retail customers in Spain in the coming months.

Service Highlights
The bank will use a private cryptographic key storage platform, allowing customers to securely manage and protect their crypto assets without relying on third parties. However, BBVA will not provide investment advice on cryptocurrencies; clients will be responsible for their own investment decisions.

International experience and regulatory compliance
BBVA has previously offered similar services in Switzerland since 2021 and Türkiye since 2023. The expansion of this service in Spain is in line with the European Union's Markets in Cryptoassets (MiCA) Regulation, which aims to create a unified regulatory framework for crypto services across Europe.

Significance of the move
BBVA's offering of crypto trading services in Spain reflects the growing acceptance of cryptocurrencies in the traditional financial system and could spur other banks in Europe to launch similar services, contributing to the growth and popularity of cryptocurrencies globally.