Second-Largest Spanish Bank Secures Approval to Offer Bitcoin Custody and Trading Services

BBVA SA has obtained regulatory approval from Spain’s National Securities Market Commission (CNMV) to provide crypto custody and execution services. The bank, Spain’s second-largest by assets, plans to introduce a new offering that allows retail clients to buy, sell, and manage Bitcoin and Ethereum transactions directly through its mobile application. Matthew Sigel, head of research at VanEck, confirmed this news on the X platform. https://twitter.com/matthew_sigel/status/1899080383787938112 BBVA Expands Crypto Offerings in Spain According to Bloomberg, BBVA intends to roll out the service initially to a select group of customers before making it available to all private clients in Spain over the coming months. The bank, headquartered in Bilbao, Spain, is the first in the country to receive CNMV authorization for such services. The bank has already launched similar crypto-related services in Switzerland and Turkey. In Spain, BBVA aims to provide a secure digital asset management experience by using its own cryptographic key custody platform without relying on third parties. While offering execution and custody services, BBVA clarified that it would not provide advisory services related to crypto assets. Expansion of Crypto Services in Turkey The bank's crypto expansion aligns with its broader international strategy. In January, Turkey’s Garanti BBVA announced plans to offer cryptocurrency trading to over 27 million customers. Through its subsidiary, Garanti BBVA Krypto, the Turkish bank introduced a platform enabling users to buy and sell digital assets, including Bitcoin, Ethereum, and Circle’s USDC. BBVA’s move involved a collaboration with Bit2Me, a Spanish crypto exchange, which would serve as BBVA’s trade execution partner. At the time of the report, Garanti BBVA had already begun incorporating cryptocurrency-related features into its offerings. The bank introduced additional functionalities such as the Request Payment feature and the Bonus Platinum Biometrics Card, enhancing customers’ ability to transact digital assets.  Since January 2024, Garanti BBVA has also advertised crypto services on its website. Meanwhile, access was initially limited to a pilot program.