BBVA gets green light for bitcoin and ether trading in Spain
Spanish financial group Banco Bilbao Vizcaya Argentaria (BBVA) has received approval from the country’s financial regulator to offer Bitcoin (BTC) and ether (ETH) trading to its clients, according to Reuters.
BBVA’s expansion into cryptocurrency trading follows the full implementation of the Markets in Crypto-Assets Regulation (MiCA) at the end of 2024. The approval allows BBVA to provide its clients with access to digital assets, concluding a multi-year process for the bank to enter the cryptocurrency market. Although MiCA is now in effect, cryptocurrency companies in the European Union have until July 2026 to comply with the regulation during an 18-month transition period.
MiCA has driven traditional financial institutions and cryptocurrency-native companies to speed up their efforts to secure licences and expand their cryptocurrency services. Brokerage firm Hidden Road was granted a MiCA license in the Netherlands on December 30, 2024. Standard Chartered received approval in Luxembourg on January 9, and Boerse Stuttgart Digital Custody became the first MiCA-licensed cryptocurrency service provider in Germany on January 17.
Cryptocurrency firms are also adjusting to the new regulatory environment. In January 2025, major exchanges like OKX, Crypto.com, and HashKey obtained MiCA approval. Bybit, which experienced one of the largest hacks in cryptocurrency history, was recently removed from France’s banlist and seems to be seeking a MiCA licence at present.
BBVA’s path to cryptocurrency expansion
BBVA’s interest in cryptocurrency dates back to 2020 when it trialled offering digital asset services, pending regulatory approval. MiCA was not yet in force at that time, so BBVA planned to launch its cryptocurrency services from Switzerland. Switzerland’s Financial Market Supervisory Authority (FINMA) had a clear regulatory framework for digital assets in place, making it an appealing starting point.
BBVA took its first step into the cryptocurrency market earlier this year, when it introduced cryptocurrency trading in Turkey through a local subsidiary. The bank concentrated on the Turkish market as the country had a more established regulatory environment for digital assets.
According to Javier Peña, BBVA’s head of digital assets, the bank’s move into cryptocurrency was influenced by regulatory clarity from MiCA and shifting political and market dynamics. Peña said that US President-elect Donald Trump’s pro-cryptocurrency stance during his campaign was a factor. Trump has voiced support for Bitcoin and recently announced the US government will create a strategic cryptocurrency reserve.
The rise of US spot Bitcoin exchange-traded funds (ETFs) has also contributed to growing interest in cryptocurrencies. ETFs in the US have attracted over $35 billion in inflows in a year, signalling strong institutional demand for digital assets.
European banks expanding into crypto
BBVA isn’t the only European bank getting into cryptocurrency. Deutsche Bank is working on an Ethereum rollup with ZKsync and has established a cryptocurrency custody service with Taurus. Société Générale’s SG-FORGE unit has also entered the market, launching a euro stablecoin on the XRP Ledger.
MiCA provides a single framework for digital asset services across the EU, thus more financial institutions are expected to enter the cryptocurrency markets. BBVA’s approval allows it to offer cryptocurrency trading to a broader client base.
(Image by Pixabay)
See also: Brazilian postal service looks to AI and blockchain for business efficiency.
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