BBVA Launches Crypto Services in Spain Under EU’s MiCA Regulation

BBVA, a prominent European bank, has expanded its cryptocurrency services to retail customers in Spain, marking a significant milestone in the integration of digital assets within traditional banking. The bank launched its crypto trading and custody service on July 4, 2025, becoming the first traditional bank in Spain to offer such services under the EU’s new Markets in Crypto-Assets Regulation (MiCA).

BBVA’s crypto offering includes buy, sell, and custody services for Bitcoin (BTC) and Ether (ETH), seamlessly integrated into the bank’s mobile banking app. This integration allows retail investors to access cryptocurrency without the need for third-party exchanges or separate custodians. Key features of the service include support for BTC and ETH trading, custody handled directly by BBVA, full integration with existing BBVA accounts for easy fund movement, a mobile-first interface, and no investment advice, making it a self-directed product. The service does not include DeFi or staking functionality, focusing solely on basic trading and storage.

As of its launch, BBVA’s crypto services are available to all Spanish residents aged 18 and older who hold a BBVA bank account. This represents a significant expansion from BBVA’s earlier crypto pilot projects in Switzerland and Turkey, which were limited to private banking or foreign subsidiaries. Accessing the service is straightforward, involving opening the BBVA mobile banking app, navigating to the crypto tab, verifying identity through standard KYC procedures, funding the account with euros from the main BBVA account, and buying or selling BTC and ETH within the app. The crypto is then held in bank-grade custody, secured by BBVA, with users able to view their portfolio performance and transaction history alongside other accounts.

BBVA’s retail crypto launch comes at a pivotal time for regulatory clarity in the EU. Under MiCA, which took effect in 2024, financial institutions can now offer regulated crypto products within a harmonized framework across all EU member states. The Spanish financial regulator, the CNMV, approved BBVA’s compliance with MiCA in March 2025, giving the bank legal authority to offer custody, trading, and investment services for specific crypto assets. This regulatory backing sets Spain ahead of several neighboring EU countries in executing MiCA’s harmonized rules, positioning Spain as an attractive launchpad for compliant crypto services and offering a competitive edge in a rapidly evolving European market.

BBVA’s crypto expansion timeline reflects a cautious and deliberate strategy. In June 2021, BBVA offered Bitcoin trading and custody to private banking clients via its Swiss division, taking advantage of Switzerland’s early crypto regulations. The Swiss branch has since expanded its offerings to include Ether and the USDC stablecoin. In January 2025, BBVA’s Turkish subsidiary launched a crypto trading platform for local users under a separate brand. The current launch in Spain brings crypto into the core BBVA banking experience for the broader retail market. With MiCA enabling the passporting of financial services across EU member states, BBVA could use its July 2025 launch in Spain as a regulatory foothold for future expansion into markets like France, Italy, and Germany, once local licensing procedures are completed.

BBVA’s crypto offerings are focused on simplifying access while maintaining high standards for security and regulatory compliance. Key benefits include security, as crypto is stored using BBVA’s internal custodial infrastructure, offering protections similar to traditional bank holdings. The service is simple, requiring no private keys, seed phrases, or external wallets, and users interact with crypto the same way they manage fiat. As a MiCA-compliant provider, BBVA is subject to legal obligations regarding disclosures, capital reserves, and data security. The ease of access allows users to trade and store crypto directly in BBVA’s app without relying on DeFi protocols, third-party wallets, or unregulated exchanges. This structure is ideal for users who value regulatory oversight and prefer to keep their digital assets within a familiar banking environment.

While BBVA’s launch of crypto services is a significant milestone for traditional finance, the offering remains intentionally narrow in scope. The bank has chosen to focus on simplicity, security, and regulatory alignment, rather than competing with feature-rich exchanges or DeFi platforms. This decision shapes the user experience and defines the target audience but also limits the flexibility and functionality more advanced users may expect. BBVA does not offer investment guidance, support for altcoins, or DeFi, staking, or lending features. These limitations reflect BBVA’s cautious, compliance-first approach to crypto integration.

While BBVA’s entry into crypto services provides a more secure and regulated environment for retail investors, it does not eliminate the inherent risks associated with digital assets. Users should approach this service as a convenient on-ramp into crypto, not as a substitute for fully understanding the asset class or its limitations. Volatility remains a significant risk, as Bitcoin and Ether continue to be highly volatile assets. Their prices can experience significant fluctuations within hours or even minutes, leading to unexpected gains or losses. Even in a bank-facilitated setting, this market instability remains unchanged. Regulatory shifts could alter the scope of offerings, introduce new compliance requirements, or restrict access to certain services. Users do not control their private keys, and all digital assets are held by BBVA on behalf of the user, meaning full ownership is custodial. Trust in the bank’s infrastructure and policies is essential. Unlike traditional bank deposits, crypto holdings are not protected under EU deposit guarantee schemes, and if losses occur due to unforeseen issues, recovery may be limited.

Deciding whether to use BBVA’s crypto service instead of a traditional crypto exchange depends largely on your investment goals, technical comfort, and risk tolerance. BBVA offers a highly regulated, bank-integrated experience that prioritizes ease of use and security over breadth of features. This platform may be ideal for those new to crypto and want a simple, bank-backed way to get started without diving into complex DeFi tools. It is also suitable for those who value strong regulatory oversight and the consumer protections that come with a fully licensed, MiCA-compliant institution. However, it may be less suitable for investors seeking exposure to a broader range of digital assets, including altcoins or NFTs, users who want full control of their private keys and prefer self-custody, or traders looking for advanced tools, yield products, or access to decentralized finance protocols. Always remember that regulation improves safety, but it doesn’t eliminate financial risk or guarantee protection against losses.