Spain Sees Crypto Boost as BBVA Offers Bitcoin Services

BBVA, Spain's second-largest bank, has received regulatory approval to offer cryptocurrencies, including Bitcoin and Ethereum, to retail investors, marking a significant step in the adoption of digital assets in Spain. The bank will allow customers to buy, sell, and manage Bitcoin and Ethereum transactions through its app, initially with a small group of users and gradually expanding to all private customers in Spain.

This move follows the bank satisfying EU regulations and completing necessary formalities with the Spanish Securities and Exchange Commission. BBVA has already offered similar services in Switzerland and Turkey, but only to private banking customers. The bank's mobile app will now allow customers to buy and sell cryptocurrencies, utilizing its own cryptographic key custody platform to maintain control over safeguarding customers' cryptoassets.

The service will be available solely at the customer's initiative, without advisory services, and will be integrated with regular banking activities. This move builds on BBVA's experience in Switzerland and Türkiye, where similar services have been offered since 2021 and 2023, respectively. The bank aims to provide a secure and seamless experience, guiding customers as they explore digital assets with the solvency and security assurances of a bank.

The introduction of cryptocurrency services by BBVA is expected to increase the adoption of digital assets in Spain, providing customers with a secure and regulated platform to buy, sell, and manage their cryptocurrencies. As the bank continues to expand its services, it is likely to have a significant impact on the country's financial landscape, making it easier for individuals to invest in and manage digital assets.