Spanish financial tycoon Banco Bilbao Vizcaya Argentaria (BBVA) has received the green light from the country’s financial regulator to provide custody and services to digital assets trading to their clients. Initially, the bank will offer Bitcoin and Ethereum trade and will expand the types of offerings on the go.
Banco Bilbao Vizcaya Argentaria, one of the popular banks in Spain has got approval from the Spanish Security and Exchange Commission (CNMV), the financial regulator of the country, to offer Bitcoin and Ethereum trading services to its clients. The approval enables users to buy, sell, and manage Bitcoin and Ethereum transactions through the BBVA app.
The approval follows the European Markets in Crypto Asset (MiCA) taking full effect over the Europen Union. According to MiCA, banks must get the consent of CNMV to offer crypto services in the country. The approval marked the finale of the long-term process for the Spanish financial giant, allowing it to give its users exposure to digital assets. The service will be rolled out on a small scale, giving access only to a small portion of the users, and will be made available to all private customers in the coming months.
In its statement revealing the approval, the bank stated that now users can manage crypto trading orders directly within the app, similar to accounts, investments, and regular banking activities.
BBVA has set to drop its plans to offer digital assets early in 2020 in Spain, pending regulatory approval as MiCA wasn’t yet fully established then in the country. Following this, in 2021, BBVA launched its crypto trading in Switzerland as it already had a clear and transparent regulatory framework under FINMA (Finacial Market Supervisory Authority). BBVA also launched its crypto services in Turkey utilizing local support in January 2023.
According to reports from officials, the bank will utilize its own cryptographic keys on the platform, enabling it to gain full control over customer’s crypto assets, enhancing security without relying on third parties. The bank also confirmed that only the needy users will be provided the service and won’t offer any advisory services.
With the increased adoption of crypto, many banks are embracing digital currencies. The BBVA’s crypto trading service highlights its strategic approach to attract the increased crypto investors in the country.
Happy News For BBVA Clients, Now They Can Trade BTC And ETH Through The BBVA App
With the approval of BBVA’s crypto trading service, the bank will provide its clients a platform to trade Bitcoin and Ethereum through its app, enabling it to deliver an integrated and seamless user experience across its digital channels.
The service is poised to make it easy for customers to invest in digital assets within an easy and suitable mobile platform, providing them with direct access in a completely digital manner. Promising security and solvency, the platform aims to make users explore the possibilities of digital assets.
BBVA has been exploring the potential of blockchain technology for over a decade and with its new service the bank allows users to trade digital assets ensuring investor protection.
Not only BBVA, but many banks are on a journey to adopt crypto trade. Germany’s Deutsche Bank is on its mission to develop an Ethereum rollup with ZKsync and provide custody with Taurus. Societe Generale’s SG-FORGE is planning to launch a euro-stable coin on the XRP Ledger.
