Spanish Banking Giant BBVA Launches Crypto Services
European bank clients are set to gain the ability to buy and sell cryptocurrencies directly from their accounts, thanks to new MiCA regulations that will be effective in 2025. BBVA has become one of the first major banks to take this step.
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Its Turkish subsidiary, Garanti BBVA, has partnered with the Spanish crypto exchange Bit2Me to launch a custodial platform, Garanti BBVA Kripto, which allows clients to trade digital assets. This platform will serve as the bank’s trading execution center.
Garanti BBVA Kripto introduces several services that are well-established in the crypto industry but are new to traditional banking, including:
- Cold storage solutions for cryptocurrencies.
- Real-time asset audits, ensuring transparency.
- Spot trading of digital assets through the licensed exchange Bit2Me.
The new European MiCA legislation is set to bring digital assets out of the regulatory gray area, establishing clear and consistent rules for the cryptocurrency market in Europe. Traditional banks can now legally provide crypto-related services to their customers, making buying or selling Bitcoin as simple as exchanging traditional currencies.
BBVA operates branches across all European countries. Source: agcom
The entry of established and trusted banks into the cryptocurrency market is set to boost confidence in digital assets among everyday users. With the ability to buy and sell crypto through regular banking channels, more people may begin using cryptocurrencies in their daily lives.
You might also like: How MiCA Regulation Will Transform the European Crypto Market
It’s important to note that BBVA isn’t the only bank moving into the crypto space. Other major players, such as Germany's Deutsche Bank and France's Société Générale, are also making strides by offering custodial storage services for cryptocurrency holders.
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