Spanish financial giant Banco Bilbao Vizcaya Argentaria (BBVA) has achieved a significant milestone by obtaining approval from the nation’s financial regulator to offer trading in Bitcoin (BTC) and Ether (ETH) to its clients. This development, reported by Reuters, comes at a pivotal time as the Markets in Crypto-Assets (MiCA) regulation comes into full effect across the European Union, providing a comprehensive regulatory framework for digital assets.
The authorization signifies the culmination of a multi-year process for BBVA, marking its determination to enable clients to gain exposure to the burgeoning sector of digital assets. The journey began in 2020 when CoinDesk reported that BBVA was contemplating its entry into the cryptocurrency space, albeit pending regulatory approval as MiCA had not yet been established.
Initially, BBVA considered launching its cryptocurrency services from Switzerland due to the clear regulatory framework in place there under the Financial Market Supervisory Authority (FINMA). However, recent developments have enabled the bank to toward offering these services directly in Spain, reflecting a growing confidence in EU regulatory developments.
In January of this year, BBVA made strides by launching crypto trading in Turkey through a local subsidiary, further illustrating its commitment to integrating digital assets into its offerings.
BBVA joins a growing cohort of European banks venturing into the cryptocurrency domain. Notable examples include Germany’s Deutsche Bank, which is developing an Ethereum rollup with ZKsync and offering custody services with Taurus. Similarly, Société Générale’s SG-FORGE is set to launch a euro stablecoin on the XRP Ledger, as reported by CoinDesk.
The approval for BBVA to trade Bitcoin and Ether not only reflects the bank’s strategic pivot towards digital assets but also signals a broader trend within the European financial landscape as banks increasingly accommodate and innovate around cryptocurrencies.
