The Spanish banking giant, BBVA, has successfully completed the notification process with the Comisión Nacional del Mercado de Valores (CNMV) as stipulated by the Markets in Crypto-Assets regulation (MiCA). This regulatory framework governs the issuance and provision of crypto-asset services within the European Union, ensuring heightened investor protection for those venturing into these assets. With this milestone, BBVA is poised to launch a service that will enable its clients to securely custody and execute bitcoin and ether transactions directly through their mobile app. Initially, this service will be rolled out to a limited group of users before expanding to all individual clients in Spain over the coming months. This strategic move leverages the bank’s experience in Switzerland and Turkey, where it has been offering similar services since 2021 and 2023, respectively.
Spanish clients will have the convenience of placing their crypto-asset buy and sell orders directly through the app, within the same environment where they manage their bank accounts, investments, and daily banking operations. This integrated approach aligns with BBVA’s strategic goal of providing a seamless and fluid experience across its digital channels, furthering its digitalization efforts. One of the standout features of this new service is BBVA’s utilization of its own cryptographic key custody platform, allowing the bank to maintain control and safeguard clients’ crypto-assets without reliance on third-party services. However, it’s worth noting that BBVA will not provide advisory services, and access to the crypto-asset service will be at the client’s initiative.
According to Gonzalo Rodríguez, Head of Retail Banking in Spain, “Our aim is to make investing in crypto-assets simple and easily accessible via mobile, in a 100% digital manner. We seek to accompany our clients as they explore this new segment of digital assets, backed by the solvency and security guarantees that a bank like BBVA offers.” BBVA has been exploring the potential of blockchain technology to transform financial services for over a decade, aligning its rollout of crypto-asset services with market demand and regulatory frameworks that ensure investor protection.
This move follows the bank’s earlier initiatives, such as BBVA Switzerland launching bitcoin custody and trading services for its private banking clients in June 2021. Since then, the service has expanded to include other crypto-assets like ether and the USDC stablecoin, appealing to new institutional clients. Similarly, BBVA Garanti established a dedicated fintech subsidiary in 2023 to offer crypto-asset custody services in Turkey, working with a range of crypto-assets. Spain is set to become the next market where BBVA will enable clients to explore digital asset opportunities with agility, efficiency, and the highest security standards.