BBVA Expands Crypto Services in Spain with Regulatory Approval for Bitcoin and Ether Trading

Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest bank, announced on March 10 that it has received approval from Spain’s securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), to offer Bitcoin (BTC) and Ether (ETH) trading services to its customers.

This move marks a significant step in BBVA’s crypto strategy, as it will allow users in Spain to buy, sell, and manage digital assets directly through the bank’s mobile app. To ensure the security of these digital assets, BBVA will utilize its own cryptographic key custody platform, maintaining full control over customer holdings without relying on third-party providers.

Initially, the service will be available to a select group of users, with plans to gradually expand to all private customers across Spain in the coming months. This rollout represents BBVA’s growing presence in the digital asset space, with the bank continuing to embrace cryptocurrency offerings in line with evolving market demands.

BBVA’s Crypto Journey: From Switzerland to Spain

BBVA’s foray into the cryptocurrency market began in Switzerland, where the bank first introduced Bitcoin custody and trading services for its private banking clients in June 2021. Since then, the Swiss branch has expanded its services to include Ether and the USDC stablecoin, further cementing its position in the global crypto market.

In January 2025, BBVA’s Turkish subsidiary, Garanti BBVA Kripto, launched public crypto trading services, making it one of the first traditional financial institutions in Turkey to offer such services. With Spain now joining the list, BBVA continues to broaden its crypto services in line with the growing regulatory clarity in Europe.

MiCA Regulations and the Scramble for Licenses

BBVA’s expansion into the Spanish crypto market comes at a pivotal moment as the Markets in Crypto-Assets Regulation (MiCA) framework fully came into effect at the end of 2024. MiCA aims to create a more unified regulatory environment for crypto firms operating in the European Union (EU). However, crypto companies in the EU have until July 2026 to fully comply with its regulations, as part of an 18-month transitional period.

The introduction of MiCA has prompted a rush among both traditional finance and crypto-native firms to secure the necessary licenses and adapt to the evolving regulatory landscape. For instance, prime brokerage Hidden Road received its MiCA license in the Netherlands on December 30, 2024, and Standard Chartered followed suit by obtaining approval in Luxembourg on January 9, 2025. Meanwhile, Boerse Stuttgart Digital Custody became Germany’s first MiCA-licensed crypto service provider in mid-January 2025.

In addition to traditional finance firms, crypto-native companies are also adjusting to the new regulatory framework. Major exchanges, including OKX, Crypto.com, and HashKey, all secured MiCA approval in January 2025, and Bybit, which recently recovered from the largest hack in crypto history, has expressed plans to obtain its own MiCA license.

BBVA’s move to offer Bitcoin and Ether trading services to its customers in Spain highlights the bank’s continued commitment to integrating cryptocurrency into its service offerings. The approval from Spain’s securities regulator and the use of BBVA’s proprietary custody platform ensures that the bank can securely manage digital assets for its clients.

As the European regulatory environment continues to evolve with the full implementation of MiCA, BBVA’s expansion into Spain positions it well to capitalize on the growing demand for regulated crypto services. With increasing competition from both traditional finance and crypto-native firms, BBVA’s ability to navigate these regulatory shifts will be crucial to its success in the rapidly evolving crypto market.