Major Surprise at BBVA: It's Official, It Will Be the First of All in Spain

BBVA has made a bold move in the banking sector. The entity will be the first in Spain to offer cryptocurrency custody and trading services.

After receiving approval from the National Securities Market Commission (CNMV), the bank is ready to allow its customers to trade bitcoin and ether from its app. This move strengthens BBVA's digital strategy and its commitment to digital assets in a rapidly growing market.

BBVA Gets Ahead and Enters the Cryptocurrency Market

The CNMV has given the green light to BBVA to offer these services under the Markets in Crypto-Assets Regulation (MiCA). This is the European regulation that governs the issuance and provision of services related to cryptocurrencies.

This milestone represents a key advancement in the integration of digital assets within the traditional financial system. This way, it will offer investors a more secure and regulated environment to trade cryptocurrencies.

Bitcoin and Ether, the First on the List

BBVA will start its crypto asset service with bitcoin and ether, two of the most widely used digital currencies in the market. Customers will be able to buy, sell, and store these assets directly from the bank's app. All without the need to resort to external intermediaries.

The entity aims to offer an intuitive experience, integrating these assets into the same environment where users manage their bank accounts, cards, and other investments.

The service will not be immediately available to all customers. BBVA has designed a phased rollout, starting with a small group of users to ensure optimal performance before opening it to all individual customers in Spain. This strategy has already been successfully implemented in other countries where BBVA offers similar services.

BBVA is not improvising in this area. In 2021, its Swiss subsidiary began offering bitcoin trading and custody services, later expanding the offering to ether and stablecoins.

In 2023, BBVA Garanti, its subsidiary in Türkiye, also launched cryptocurrency custody services. The experience gained in these markets has been key to implementing the new service in Spain, ensuring a secure and efficient platform.

One of the most notable aspects of BBVA's service is the custody of cryptographic keys through its own platform. This means the bank will not rely on third parties to safeguard its customers' crypto assets. This will provide an extra layer of security that few entities can offer in this sector.

However, BBVA has made it clear that it will not offer advice on cryptocurrencies; access and management of these assets will be the sole responsibility of the customer.