BBVA gains approval for crypto trading in Spain

The announcement, made on 10 March 2025, allows the country’s second-largest bank to introduce cryptocurrency trading through its mobile application. 

BBVA stated that it will manage customer holdings using its in-house cryptographic key custody platform, eliminating reliance on third-party custodians. The initial phase of the rollout will be limited to select users, with plans to extend access to all private customers in Spain over the coming months. 

BBVA first introduced cryptocurrency services in Switzerland in June 2021, launching Bitcoin custody and trading for private banking clients. Its Swiss operations have since expanded to include Ether and the USDC stablecoin. More recently, in January 2025, its Turkish subsidiary, Garanti BBVA Kripto, made crypto trading available to the public. The latest move in Spain marks an extension of the bank’s digital asset services in response to evolving regulatory developments across Europe.

Traditional and crypto firms aspire to MiCA compliance 

According to Cointelegraph, the expansion comes as financial institutions and cryptocurrency firms adjust to the full implementation of the Markets in Crypto-Assets Regulation (MiCA), which took effect at the end of 2024. While the framework is now in place, firms operating within the European Union have until July 2026 to meet compliance requirements under a transitional period. 

Cryptocurrency-native firms are aligning with the new regulatory landscape. Major exchanges, including OKX, Crypto.com, and HashKey, secured MiCA approval in January 2025. Bybit, previously blacklisted in France following a major security breach, has since been removed from regulatory restrictions and has indicated its intention to apply for a MiCA licence. 

Traditional finance institutions have also been moving quickly to secure regulatory approval. Hidden Road obtained a MiCA licence in the Netherlands on 30 December 2024. Standard Chartered followed with its approval in Luxembourg on 9 January, while Boerse Stuttgart Digital Custody became the first German entity to receive MiCA authorisation on 17 January.