The democratization and expansion of cryptocurrency investment arrive in Spain. BBVA He has obtained the approval of the National Securities Market Commission (CNMV) to provide custody and execution services of cryptoactive sale orders in our country, as announced by the entity in a statement. “After completing this procedure, the bank prepares to launch its offer for its private clients, which will initially be available with Bitcoin and Ether,” they add.
This authorization has its reason for being in the Mica Regulations, which is the regulations that regulate the provision of ‘crypt’ services in the European Union and that serves to provide users with certain security in their investments of this type. Since the entry into force of the regulation a few months ago, those who wish to provide these services must collect the OK of the stock market supervisor. And that is what BBVA has just received, which plans to have the service for all its customers in May, according to bank sources.
«The bank prepares to launch a service, available for all its customers, which will allow custody and execute operations of purchase or sale of Bitcoin and Ether through its ‘app’. The deployment of the service will initially start with a small group of users and will be extended in the coming months to all its private clients in Spain, relying on the experience acquired in Switzerland and Turkey, where it provides this type of services since 2021 and 2023, respectively, ”reports the entity.
A small group of clients of the group can use the custody and sale service of ‘crypt’ In our country and within two months it is expected to be enabled for all its clients in Spain. This is due to the Bank’s will to first carry out testing with users before extending it to the whole country; A first test before launching it completely. With this, the clients of the entity can already deposit these cryptocurrencies at the bank and also operate with them in the market, in exchange for a commission for the bank. This operation will be carried out through the mobile application.
«One of the differentiating elements of the new service is that BBVA will have an own cryptographic key custody platform, which will allow it to maintain control, without relying on third parties, to safeguard the cryptoactives of its customers. However, the bank will not carry out any advice work and can only be accessed to the service at the client’s initiative, ”says the group.
The entity emphasizes that its custody platform will be its own, which provides greater security. But it has also reached agreements with external partners to provide the sale service, according to bank sources. They work with metaco technology as in Switzerland and Türkiye and as a liquidity supplier they have Bitstamp, as in Türkiye.
«We want to provide our customers with cryptoactive investment with a simple and easily accessible offer from the mobile, in a 100% digital way. Our goal is to accompany them in the approach to this new segment of digital assets with the guarantees of solvency and security offered by a bank like BBVA, ”he says Gonzalo RodríguezResponsible for Retail Banking of Spain. In this way, BBVA leads more countries to its cryptocurrency service, which began in Switzerland and Türkiye, in the hands of certain ‘partners’.
Other banks
Beyond BBVA, other Spanish financial entities also intend to open these services to their customers. In the great bank, Caixabank already pointed out that they were studying the launch of this type of services for this 2025; In Banco Santander, as published in the press, they also think about this possibility, but through its OpenBank digital entity.
Not only the great bench has put the eye on cryptocurrencies. Other entities such as Kutxabank or Income 4 are in process to be able to offer these services to their customers and are working on it. In any case, none of the entities in Spain proposes to offer advice, something that wanted to make clear, in turn, the BBVA.
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