BBVA Receives Regulatory Approval to Offer Bitcoin and Ether Trading in Spain

Banco Bilbao Vizcaya Argentaria (BBVA), Spain’s second-largest bank, has officially received regulatory approval to offer cryptocurrency trading services to its clients. In a major move for traditional finance, BBVA announced on March 10 that it has secured permission from Spain’s securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), to provide trading services for Bitcoin (BTC) and Ether (ETH).

Expanding Crypto Services Through Mobile Banking

As part of its new offering, BBVA will allow its customers to buy, sell, and manage Bitcoin and Ether directly through the bank’s mobile banking app. The service is designed to be simple and accessible, with the added benefit of security. BBVA will maintain full control over customer holdings using its own cryptographic key custody platform, eliminating the need for third-party custodians.

The service will initially be rolled out to a select group of users, with plans to gradually expand it to all private banking customers across Spain in the coming months. This marks a significant milestone for BBVA as it extends its crypto services beyond its private banking sector into the broader retail banking market in Spain.

BBVA’s Growing Crypto Footprint

BBVA’s expansion into crypto services follows a strategic path, starting with Switzerland. In June 2021, the bank launched Bitcoin custody and trading services for its private banking clients in Switzerland. Since then, BBVA’s Swiss branch has expanded its offerings to include Ether and the USDC stablecoin.

In January 2025, BBVA’s Turkish subsidiary, Garanti BBVA Kripto, launched public crypto trading services, marking another important step in the bank’s global crypto strategy. With its latest approval in Spain, BBVA is now broadening its crypto services in alignment with evolving European regulations.

MiCA Regulation and the Crypto Landscape

BBVA’s move into the Spanish crypto market comes as the European Union’s Markets in Crypto-Assets Regulation (MiCA) framework is being implemented. MiCA, which reached full implementation at the end of 2024, aims to create a comprehensive regulatory environment for crypto-assets across the EU. Crypto companies have until July 2026 to fully comply with MiCA’s requirements under an 18-month transitional phase.

The rollout of MiCA has prompted a wave of regulatory activity within the European financial sector. Traditional financial institutions are now racing to obtain MiCA licenses and integrate crypto services. For example, prime brokerage Hidden Road secured its MiCA license in the Netherlands on December 30, 2024. Standard Chartered followed suit on January 9, receiving approval in Luxembourg, while Boerse Stuttgart Digital Custody became Germany’s first MiCA-licensed crypto service provider on January 17.

In addition, crypto-native companies are also adjusting to the new regulatory landscape. Major exchanges such as OKX, Crypto.com, and HashKey secured MiCA approval in January 2025, with Bybit, which was recently removed from France’s blacklist after suffering the largest hack in crypto history, also expressing its intent to obtain a MiCA license.

The Road Ahead

BBVA’s decision to offer Bitcoin and Ether trading is part of a broader trend in which traditional finance institutions are embracing the growing demand for digital assets. As more banks and financial service providers integrate cryptocurrency offerings, the industry continues to adapt to an evolving regulatory landscape, with MiCA playing a crucial role in shaping the future of crypto in Europe.

BBVA’s expansion into the Spanish market is a clear sign of the increasing legitimacy of cryptocurrencies in the traditional financial world. With Spain now officially in the fold, the bank's move could serve as a blueprint for other European banks looking to tap into the growing crypto market.