BBVA gets OK for cryptocurrency trading in Spain
Overview
Spain’s financial powerhouse, Banco Bilbao Vizcaya Argentaria (BBVA), has received the green light from the country’s financial regulator to offer Bitcoin (BTC) and Ether (ETH) trading to its clients, as reported by Reuters on March 11, 2025. This move marks a significant step for BBVA, aligning with the European Union’s newly implemented Markets in Crypto-Assets Regulation (MiCA), fully in effect since December 31, 2024 (Source: Reuters, “BBVA Approved for Crypto Trading,” March 11, 2025).
MiCA, designed to standardize digital asset rules across the EU, has given traditional financial institutions a clearer path to enter the crypto space. BBVA’s approval concludes years of preparation, with the bank now positioned to bring BTC and ETH trading to its European clients. While MiCA is active, crypto firms have an 18-month transition period — until July 2026 — to fully comply (Source: European Commission, MiCA Framework, 2024).
MiCA Fuels Crypto Expansion
BBVA’s entry reflects a broader trend spurred by MiCA. In recent months, other financial players have secured licenses under the regulation. Hidden Road, a brokerage firm, gained MiCA approval in the Netherlands on December 30, 2024 (Source: Hidden Road Press Release). Standard Chartered followed in Luxembourg on January 9, 2025, while Boerse Stuttgart Digital Custody became Germany’s first MiCA-licensed crypto service provider on January 17, 2025 (Source: Regulatory Announcements, January 2025).
Crypto-native companies are also adapting. Major exchanges like OKX, Crypto.com, and HashKey earned MiCA approvals in January 2025 (Source: CoinDesk, “MiCA Licenses Update,” January 2025). Bybit, previously hit by a major hack and banned in France, was recently delisted from France’s restrictions and appears to be pursuing a MiCA license (Source: French AMF Update, February 2025). These developments highlight how MiCA is reshaping the crypto landscape for both traditional and digital-first entities.
BBVA’s Crypto Journey
BBVA’s interest in digital assets isn’t new. Back in 2020, the bank began exploring crypto services, testing the waters while awaiting regulatory clarity (Source: BBVA Archives, 2020). With MiCA still in development at the time, BBVA initially planned to launch from Switzerland, leveraging the country’s established crypto framework under the Financial Market Supervisory Authority (FINMA). Earlier in 2025, BBVA dipped its toes into the market by offering crypto trading through a subsidiary in Turkey, where regulations were already favorable (Source: BBVA Turkey Announcement, January 2025).
Javier Peña, BBVA’s head of digital assets, noted that MiCA’s clarity was a key driver for this expansion. He also pointed to external factors, like U.S. President-elect Donald Trump’s pro-crypto stance during his campaign, as influencing the bank’s strategy. Trump has publicly backed Bitcoin and proposed a U.S. strategic crypto reserve (Source: Trump Campaign Speech, November 2024). Additionally, the success of U.S. spot Bitcoin ETFs, which have drawn over $35 billion in inflows since their launch a year ago, underscores rising institutional interest (Source: Bloomberg ETF Data, March 2025).
Europe’s Banking Sector Joins the Trend
BBVA isn’t alone among European banks embracing crypto. Deutsche Bank is collaborating with ZKsync on an Ethereum rollup and has partnered with Taurus for crypto custody services (Source: Deutsche Bank Update, February 2025). Société Générale’s SG-FORGE unit has launched a euro stablecoin on the XRP Ledger (Source: SG-FORGE Press Release, January 2025). MiCA’s unified framework is expected to encourage more institutions to follow suit, offering clients access to digital assets under a regulated umbrella.
What’s Next?
BBVA’s approval, announced on March 11, 2025, positions it to roll out BTC and ETH trading across its European client base. This step highlights how MiCA is bridging traditional finance and crypto, though the full impact on markets remains to be seen. As of today — March 11, 2025 — the crypto space continues to evolve, with regulatory clarity driving new entrants like BBVA into the fold.
Disclaimer: This article is for informational purposes only and does not constitute financial or investment advice. Cryptocurrency markets are volatile, and readers should conduct their own research before engaging in trading or investment activities.
