Spain’s BBVA said it has received the go ahead from its regulator, the Spanish Securities and Exchange Commission (CNMV), to offer cryptocurrency services to its retail clients. Initially it plans to enable the buying and selling of Bitcoin and Ether through its mobile banking app. It will also provide cryptocurrency custody services using its own technology, rather than relying on third parties.
Europe’s MiCA crypto regulations do not require banks to register as crypto asset service providers (CASPs). Instead they have to notify their local regulator. Even though they don’t have to register, they are subject to the rules outlined in MiCAR.
BBVA has long been an innovator in this sector. BBVA Switzerland was one of the first banks in the world to offer crypto services to retail clients in 2021. Its BBVA Garanti subsidiary in Turkey launched Garanti BBVA Digital Assets in 2023.
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