Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has announced its plans to offer Bitcoin and Ether trading services to its customers in Spain. The move follows regulatory approval from the Spanish Securities and Exchange Commission (CNMV), granted under the European Union’s Markets in Crypto-Assets Regulation (MiCA). This framework, which came into full effect in December 2024, establishes unified rules for digital asset services across the EU. BBVA’s new service will allow customers to buy, sell, and manage Bitcoin and Ether transactions directly through its mobile app, alongside their regular banking activities. Initially, the feature will be rolled out to a select group of users before being expanded to all private customers in Spain over the coming months.

BBVA emphasized that it will utilize its own cryptographic key custody platform to safeguard customer assets without relying on third-party services. This approach ensures enhanced security and control over digital holdings. However, the bank clarified that it will not provide advisory services for crypto investments, leaving decisions entirely at the discretion of its clients. According to Gonzalo Rodríguez, Head of Retail Banking in Spain, BBVA aims to make crypto investing simple and accessible while leveraging its expertise in financial security. The bank’s decision aligns with a growing trend among traditional financial institutions embracing digital assets as regulatory clarity improves across Europe.

BBVA’s foray into crypto trading is not new; it has been offering similar services in Switzerland since 2021 and expanded to Türkiye in 2023 through its local subsidiary, Garanti BBVA. In these markets, the bank provides custody solutions for various cryptocurrencies, including Bitcoin, Ethereum, and stablecoins like USDC. Building on this experience, BBVA is now extending its crypto offerings to Spain, reflecting its confidence in blockchain technology’s transformative potential. The bank believes that integrating crypto trading into its existing platform will provide a seamless experience for users while advancing its digitization strategy.

This development positions BBVA as one of Europe’s leading banks in the cryptocurrency space, alongside Deutsche Bank and Société Générale. The announcement comes amid heightened competition among traditional finance (TradFi) firms and crypto-native companies to secure MiCA licenses and expand their digital asset services. With Spain becoming the latest market for BBVA’s crypto initiatives, the bank aims to empower clients with secure and efficient access to digital assets while adhering to the highest regulatory standards. This move underscores BBVA's commitment to innovation and its role in shaping the future of financial services in an increasingly digital world.