BBVA Bags Approval From CNMV to Offer Bitcoin and Ethereum Trading

Banking giant BBVA will now offer Bitcoin and Ethereum trading after it secured approval for the services in Spain. 

The Spanish Securities and Exchange Commission (CNMV) has extended its greenlight to financial giant Banco Bilbao Vizcaya Argentaria (BBVA). According to a Reuters report, the firm is now authorized to offer Bitcoin (BTC) and Ethereum (ETH) trading to its clients. 

BBVA Plans Towards Bitcoin Service Launch

Noteworthy, BBVA hit this milestone at a time when the Markets in Crypto-Assets (MiCA) regulation is taking effect across the European Union. Now that it has the backing of the appropriate authorities, the Spanish financial institution is working towards launching its offering for its retail customers. As part of the latest development, this offering will initially be available with Bitcoin and Ethereum.

The plan is to start with a small group of users before the offering is pushed out to a larger audience of private customers nationwide. BBVA customers in Spain can manage their crypto assets by trading orders directly within the firm’s app. They can manage these orders, their accounts, investments, and regular banking activities without disrupting any activity. 

Consequently, the bank can deliver an integrated and seamless experience to its users across its digital channels while advancing its digitization strategy. BBVA intends to use this service’s cryptographic key custody platform to distinguish it further. By taking this step, the financial giant will remain in control of the service without relying on third parties. 

MiCA Regulatory Framework Encourages Crypto Participation 

BBVA has been interested in the digital asset sector for almost five years but has stayed away until now because of the absence of regulatory approval. The implementation of MiCA, which became effective on December 30, encouraged its recent move, and this is the case with many other financial institutions as well. 

In January, Austrian company Bitpanda obtained a license from Germany’s Federal Financial Supervisory Authority (BaFin). It secured the permit under the European Union’s MiCA regulatory framework, making it one of the few firms compliant with the legislation. 

About a month before Bitpanda secured its license, Boerse Stuttgart Digital Custody obtained the same MiCA license. It was the first Crypto Asset Service Provider (CASP) to get BaFin’s MiCA license.

Disclaimer: The information provided in this article is for informational purposes only. It does not constitute investment, financial, trading, or any other sort of advice. You should not treat any of BGECrypto’s content as such. BGEcrypto does not recommend that any cryptocurrency should be bought, sold, or held by you. Do your due diligence and consult your financial advisor before making any investment decisions.