Spanish banking giant BBVA receives regulatory approval to allow its customers to trade in cryptocurrencies

This was approved by Spain's financial regulator and in line with EU Markets in Crypto-Assets (MiX) rules. This compliance enables BBVA to operate within the EU's regulatory framework for digital asset transactions.

Spanish banking giant BBVA has received regulatory approval to offer cryptocurrency trading services to its customers, the bank announced on Thursday.

What Happened: The approval, granted by Spain’s financial regulator in accordance with EU Markets in Crypto-Assets (MiCA) rules, allows BBVA to operate within the EU’s regulatory framework for digital asset transactions.

This integration follows a multi-year process undertaken by BBVA to add crypto trading capabilities into its service portfolio. As Spain is also emerging as a fintech hub, BBVA’s move further establishes it among European financials embracing blockchain.

“This authorization is a significant milestone in the adoption of cryptocurrency in Spain’s banking sector,” BBVA said in a statement.

The approval will allow BBVA customers to buy and sell Bitcoin BTC 0.0%, Ethereum ETH 0.0%, and other cryptocurrencies in a supervised environment, expanding investment options.

Earlier this year, BBVA rolled out the same products in Turkey as it continues to expand its presence in the crypto space.

The bank’s move into crypto follows broader European initiatives to introduce blockchain-based payments into mainstream banking.

Deutsche Bank has built an Ethereum rollup using ZKsync and offers custody for crypto through Taurus, while Société Générale's SG-FORGE is launching a euro stablecoin on the XRP Ledger.

European banks' adoption of blockchain-based transactions highlights the growing interest in institutional crypto asset adoption.

With MiCA regulations providing a solid framework, leading banks are increasing their services to meet the increasing demand from customers for digital asset investment products and services.

This green light will also encourage other Spanish banks to adopt similar products in response to the evolving needs of the market.

With the banking industry and digital economy constantly growing, supervised crypto trading services may become a standard banking option in Spain, catering to the diverse financial requirements of the country's population.

As European banks expand their crypto offerings, the future of banking is transforming.

BBVA's clearance is paving the way for other banks to integrate blockchain-based transactions into their financial systems, especially with the upcoming MiCA regulations providing a complete legal and regulatory framework for crypto services in the EU.

This would enable institutions to rapidly implement digital assets, which in turn can boost institutional investment in cryptocurrencies, propelling innovation in the financial space.

"This authorization is a testament to BBVA's commitment to offering its customers cutting-edge financial products and services," said Arturo de P}^{*}$