Spanish Financial Regulator Approves BBVA's Crypto Trading Platform

Spanish banking giant Banco Bilbao Vizcaya Argentaria (BBVA) has received approval from Spain's financial regulator to offer Bitcoin (BTC) and Ethereum (ETH) trading to its clients, according to Reuters. This development comes as the European Union's Markets in Crypto-Assets (MiCA) regulation fully takes effect across member states - based on Coindesk reporting.

The approval represents the culmination of BBVA's multi-year effort to provide cryptocurrency services. The bank began exploring crypto trading options in 2020, but needed to wait for proper regulatory frameworks to be established before proceeding with a full launch in Spain.

BBVA had initially considered Switzerland as its first market for crypto services. This strategy was based on Switzerland's well-established regulatory structure for digital assets under the Financial Market Supervisory Authority (FINMA), which predated the EU's comprehensive MiCA framework.

BBVA's timing aligns with growing institutional acceptance of cryptocurrencies. The recent establishment of a US Strategic Bitcoin Reserve through an executive order signed by President Trump on March 6 has created new momentum for financial institutions entering the crypto space.

In January, BBVA took its first step into cryptocurrency markets by launching trading services in Turkey through a local subsidiary. This move allowed the bank to gain practical experience in crypto operations before expanding to its home market.

BBVA is now part of a growing trend of traditional European financial institutions entering the cryptocurrency space. Other major banks have also begun offering various crypto-related services:

• Germany's Deutsche Bank is developing an Ethereum rollup with ZKsync and offering custody services through Taurus
• France's Société Générale, through its SG-FORGE division, is launching a euro stablecoin on the XRP Ledger

The approval for BBVA arrives at a time of increasing integration between traditional banking and digital asset markets across Europe. As regulatory clarity improves under MiCA, more financial institutions may follow suit in providing cryptocurrency trading and custody options to their clients.