BBVA has received approval from the Spanish Securities and Exchange Commission (CNMV) to offer custody and execution services for retail cryptocurrency trading in Spain.
Following this endorsement, the bank plans to introduce a new service that will allow all customers to securely buy, sell, and manage transactions involving Bitcoin and Ether through its mobile application.
The initial launch will target a limited group of users, with a phased rollout to all private customers in Spain over the coming months. This initiative builds on BBVA’s prior experience in markets such as Switzerland and Turkey, where similar services have been successfully provided since 2021 and 2023, respectively.
Spanish customers will benefit from the ability to handle their cryptocurrency trading orders directly within the app, integrating this functionality with their existing accounts, investments, and everyday banking operations.
For this initiative, BBVA will employ its proprietary cryptographic key custody platform, allowing the bank to maintain full control over the protection of its customers’ crypto assets without the need for third-party involvement. It’s important to note that BBVA will not provide advisory services, and participation in this service will be entirely at the discretion of the customer.
Gonzalo Rodríguez, BBVA’s head of retail banking in Spain, stated: “We aim to simplify the process for our customers to invest in cryptocurrency, offering a straightforward and accessible solution directly from their mobile devices in a fully digital format. Our intent is to support them as they navigate this emerging landscape of digital assets, backed by the reliability and security that a trusted institution like BBVA can provide.”