BBVA Launches Bitcoin Ethereum Trading in Spain Following Regulatory Approval

BBVA, Spain’s second-largest financial institution, has expanded its cryptocurrency offerings to include Bitcoin and Ethereum trading and custody services for retail customers. This move marks a significant step in the integration of regulated digital asset services across Europe. The bank has fully integrated these services within its proprietary mobile platform, allowing customers to execute transactions autonomously without relying on external service providers or third-party custodial solutions. BBVA emphasizes that it does not offer investment advisory services, ensuring that customers make informed decisions independently.

The launch of these cryptocurrency services follows regulatory approval obtained from Spain’s National Securities Market Commission (CNMV) in March 2025. This licensing framework authorizes BBVA to provide cryptocurrency services to all customers who meet the legal age requirements. The service architecture ensures compliance with the European Union’s Markets in Crypto-Assets (MiCA) regulation, which establishes comprehensive standards for cryptocurrency-related services across EU member states.

Gonzalo Rodríguez, BBVA’s head of retail banking for Spain, stated, “Our objective is to simplify cryptocurrency investment for retail customers in Spain through an accessible and user-friendly digital platform available on their mobile devices.” This initiative builds upon the success of BBVA’s Swiss operations, where the bank introduced Bitcoin custody and trading services for private banking clientele in June 2021. The Swiss division has since diversified its cryptocurrency portfolio to include Ethereum, Solana, XRP, and AVAX, attracting both institutional investors and high-net-worth individuals.

BBVA’s expansion into cryptocurrency services in Spain is part of a broader strategy to cater to the growing demand for digital assets. Recent reports indicate that BBVA has been recommending portfolio allocations of 3% to 7% in cryptocurrencies for its affluent clients. Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, indicated that the bank currently advises clients to focus on Bitcoin and Ethereum investments, with plans to introduce additional cryptocurrencies later this year. “A 3% portfolio allocation to cryptocurrency represents manageable risk exposure,” Meyer explained. “In a balanced portfolio structure, introducing 3% cryptocurrency allocation can enhance overall performance.”

Beyond Bitcoin and Ethereum, BBVA has incorporated USDC stablecoin services into its offerings. In September 2024, the bank extended its cryptocurrency custody and trading capabilities to include USD Coin for institutional and private banking clients in Switzerland. This expansion enables clients to trade, hold, or convert USDC into euros, dollars, or other currencies with near-instantaneous execution. Stablecoins like USDC are frequently utilized by investment fund managers and large corporations to accelerate transactions across various cryptocurrency exchanges and serve as a hedge against cryptocurrency volatility.

Despite the cautious regulatory stance of the European Securities and Markets Authority (ESMA), which has led to approximately 95% of EU banks avoiding cryptocurrency services, Spain’s cryptocurrency market has demonstrated substantial growth. A 2024 European Central Bank survey revealed that nearly 9% of Spanish citizens now hold digital assets, representing more than double the figure from 2022. Spain’s cryptocurrency adoption rate now equals that of France and Croatia within the Eurozone, though it remains below Slovenia’s 15% adoption rate and Greece’s 14% ownership levels.

BBVA’s move to expand its cryptocurrency offerings is a strategic response to the growing demand for digital assets in Spain. By integrating these services into its mobile platform, BBVA aims to provide a seamless and user-friendly experience for its customers. The bank’s compliance with MiCA regulation ensures that its services meet the highest standards of security and transparency, positioning BBVA as a leader in the European cryptocurrency market. As the demand for digital assets continues to grow, BBVA’s expansion into cryptocurrency services is likely to attract more customers and further solidify its position in the financial industry.