BBVA has received the green light from the Spanish Securities and Exchange Commission (CNMV) to provide custody and execution services for retail cryptoassets trading orders in Spain.
Upon approval, the bank is set to launch a new service, accessible to all its customers, enabling them to securely buy, sell, and manage bitcoin and ether transactions through its app.
Initially, the service will be rolled out to a small group of users and gradually extended to all private customers in Spain over the coming months. The initiative builds on the bank's experience in Switzerland and Turkey, where similar services have been offered since 2021 and 2023, respectively.
Customers in Spain will be able to manage their cryptoassets trading orders directly within the app, alongside their accounts, investments, and regular banking activities.
For the roll out, BBVA will utilize its own cryptographic key custody platform, allowing the bank to maintain full control over safeguarding its customers' cryptoassets without relying on third parties. However, the bank will not offer advisory services, and the service will be available solely at the customer's initiative.
Gonzalo Rodríguez, BBVA's head of retail banking in Spain, comments: "We want to make it easier for our customers to invest in cryptoassets with a simple, accessible offering available directly from their mobile phones, in a fully digital manner. Our goal is to guide them as they explore this new segment of digital assets, backed by the solvency and security assurances provided by a bank like BBVA."