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.
The bank also has various tokenization activities. It trialed all sorts of digital bond issuances back in 2018/2019, for which it won an award. More recently BBVA Asset Management partnered with Allfunds Blockchain to explore tokenized funds.
“We want to make it easier for our customers to invest in cryptoassets with a simple, accessible offering available directly from their mobile phones, in a fully digital manner,” said Gonzalo Rodríguez, Head of Retail Banking in Spain. “Our goal is to guide them as they explore this new segment of digital assets, backed by the solvency and security assurances provided by a bank like BBVA.”
It’s notable that BBVA has chosen to use its own digital asset custody solution. Many banks partnered with Fireblocks, Taurus or Metaco, with Metaco subsequently acquired by Ripple. Garanti BBVA Digital Assets is one of the Ripple Custody partners. Working externally for custody hasn’t always been a simple option. For example, State Street initially partnered Copper, which didn’t work out. And when Ripple acquired Metaco there was talk that Citi was reviewing its options.
