BBVA, Spain’s second-largest financial institution, has made a notable leap in the digital asset sector by launching trading and custody services for Bitcoin and Ethereum aimed at retail customers, reflecting a growing trend in regulated cryptocurrency services throughout Europe.
The bank has embedded these new cryptocurrency functionalities into its proprietary mobile platform, ensuring that the services operate independently and do not depend on external service providers or third-party custody solutions.
Breaking: Spain’s major bank BBVA has rolled out trading and custody services for $BTC and $ETH directly in its mobile app for retail customers.
Get ready for a surge of capital into the crypto market! pic.twitter.com/ccXoPsWOCf
— Crypto Jessica (@CryptoJessXBT) July 7, 2025
With this initiative, customers can manage their transactions autonomously, though BBVA clarifies that it does not provide investment advisory services to its clientele.
BBVA’s 4-Year Crypto Journey Reaches Spain
An official statement released on July 4 revealed that the launch of cryptocurrency services follows regulatory approval granted by Spain’s National Securities Market Commission (CNMV) in March 2025.
Spanish lending giant BBVA said it won approval to launch Bitcoin and Ether trading, integrating crypto into everyday banking.#BBVA #CryptoTrading https://t.co/ifB7FxuUV8
— Finance Newso.com (@Finance Newso) March 10, 2025
This licensing framework allows BBVA to offer cryptocurrency services to all customers who fulfill the legal age requirements.
Gonzalo Rodríguez, the head of retail banking for BBVA in Spain, commented, “Our objective is to simplify cryptocurrency investment for retail customers in Spain through an accessible and user-friendly digital platform available on their mobile devices.”
The structure of these services is designed to comply with the European Union’s Markets in Crypto-Assets (MiCA) regulation, which provides a comprehensive framework for cryptocurrency-related services throughout EU member states.
BBVA’s foray into the Spanish cryptocurrency market builds on the success of its operations in Switzerland, where, in June 2021, it took the lead by launching Bitcoin custody and trading services for its private banking clients.
Spain’s BBVA, with $782 billion of total assets, is launching a #bitcoin trading service for private clients in Switzerland, due to “significant desire” among investors.
— Documenting ₿itcoin (@DocumentingBTC) June 18, 2021
Since then, the Swiss operation has expanded its cryptocurrency offerings to include Ethereum, Solana, XRP, and AVAX, successfully drawing interest from both institutional investors and high-net-worth individuals.
Reports from mid-June indicated that BBVA is advising wealthy clients on portfolio allocations of 3% to 7% in cryptocurrencies.
Philippe Meyer, head of digital and blockchain solutions at BBVA Switzerland, noted that the bank currently recommends clients focus on Bitcoin and Ethereum investments, with intentions to introduce more cryptocurrencies later in the year.
“A 3% portfolio allocation to cryptocurrency represents manageable risk exposure,” Meyer asserted. “In a balanced portfolio structure, introducing a 3% cryptocurrency allocation can enhance overall performance.”
Expanding Stablecoin Services See 9% of Spaniards Own Crypto, While 95% of EU Banks Stay Away
In addition to Bitcoin and Ethereum, BBVA has also included USDC stablecoin services in its offerings. In September 2024, the bank expanded its cryptocurrency custody and trading capabilities to encompass USD Coin for both institutional and private banking clients in Switzerland.
This expansion allows clients to trade, hold, or convert USDC into euros, dollars, or other currencies with near-instantaneous execution.
The bank observed that investment fund managers and large corporations often utilize stablecoins like USDC to facilitate transactions across various cryptocurrency exchanges.
Stablecoins additionally function as a safeguard against cryptocurrency volatility, enabling investors to preserve their asset value during market downturns.
While roughly 95% of EU banks have steered clear of cryptocurrency services due to the cautious regulatory approach of the European Securities and Markets Authority (ESMA), the cryptocurrency market in Spain has experienced notable growth.
Europe’s crypto regulation will be its biggest mistake since the dotcom era:
– EU imposing MiCA
– US embracing crypto
– Major players leaving EU
– $499B+ in crypto flowing through Eastern Europe
Is crypto’s future in Europe doomed?
Here’s the full breakdown: pic.twitter.com/mZIi79cru3
— Alessandro Palombo (@thealepalombo) December 16, 2024
A survey conducted by the European Central Bank in 2024 and published in January 2025 indicated that almost 9% of Spanish citizens currently own digital assets, more than doubling the figure from 2022.
The adoption rate of cryptocurrency in Spain now aligns with that of France and Croatia within the Eurozone, although it still lags behind Slovenia’s 15% and Greece’s 14% ownership levels.
Between 2023 and 2024, Spain received over $80 billion worth of cryptocurrency, positioning it as the fifth largest European country in terms of crypto value received, according to Chainalysis.
Spain’s 28% Crypto Tax: The Hidden Cost of Digital Assets
Despite the surge in cryptocurrency adoption, Spain maintains strict tax regulations regarding digital assets.
Spanish cryptocurrency taxation follows specific guidelines established by the Spanish State Agency for Tax Administration (AEAT). Residents are obligated to declare profits from cryptocurrency transactions and income generated from digital asset activities.
Source: Blockpit
Taxpayers in Spain must report cryptocurrency gains exceeding €6,000 under the Income Savings Tax (Capital Gains Tax), with tax rates ranging from 19% to 28% based on total gains.
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