In a landmark move, Spain’s banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has gained approval from the Spanish financial regulator to offer Bitcoin and Ethereum trading to its clientele. This step is a result of the EU-wide enforcement of the Markets in Crypto-Assets (MiCA) regulation.
Key Insights
- The authorization ends a prolonged journey, allowing BBVA to provide digital assets to its customers.
- BBVA’s crypto journey follows in the footsteps of other major European banks like Deutsche Bank and Société Générale.
- This approval highlights the changing dynamics of crypto markets across Europe.
The Bigger Picture
BBVA’s approval comes as MiCA takes full effect across the EU, marking a crucial phase in the bank’s strategy to offer digital asset services. Initially reported by CoinDesk in 2020, BBVA’s expansion into digital currencies was contingent upon regulatory clearance, previously planned for Switzerland due to its established regulatory framework.
Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram
Earlier this year, the bank ventured into Turkey’s crypto market through a local subsidiary.
