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Banco Bilbao Vizcaya Argentaria (BBVA) announced on March 10 that it had received the nod from Spain’s securities regulator, the Comisión Nacional del Mercado de Valores (CNMV), to offer Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) and Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">ETH</a>) trading services to its customers.&nbsp;
Spain’s second-largest bank’s crypto offerings in Spain will enable users to buy, sell and manage digital assets through its mobile app. The lender <a data-ct-non-breakable="null" href="https://www.bbva.com/en/innovation/bbva-will-offer-bitcoin-and-ether-trading-and-custody-services-in-spain/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">said</a> it will use its own cryptographic key custody platform to maintain full control over customer holdings without third-party involvement.&nbsp;
Initially, the rollout will be limited to a select group of users before gradually expanding to all private customers across the Iberian nation in the coming months.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-ether-portfolio-performance-bbva" rel="noopener noreferrer nofollow" target="null" text="null" title="https://cointelegraph.com/news/bitcoin-ether-portfolio-performance-bbva">Bitcoin and Ether can ‘greatly improve’ portfolio performance: BBVA</a>
<h2 id="strong-bbva-s-crypto-journey-began-in-switzerland-strong">BBVA’s crypto journey began in Switzerland</h2>
BBVA’s foray into <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/banking-giant-bbva-debuts-bitcoin-trading-and-custody-for-swiss-clients" rel="noopener noreferrer nofollow" target="null" text="null" title="null">crypto began in Switzerland</a>, where it launched Bitcoin custody and trading services for private banking clients in June 2021. The Swiss branch has since broadened its offerings to include Ether and the USDC (<a data-ct-non-breakable="null" href="/usdc-price-index" rel="noopener noreferrer nofollow" target="null" text="null" title="null">USDC</a>) stablecoin.
In January 2025, BBVA’s Turkish subsidiary Garanti BBVA Kripto launched its <a data-ct-non-breakable="null" href="https://cointelegraph.com/learn/articles/cryptocurrency-laws-and-regulations-in-turkey" rel="noopener noreferrer nofollow" target="null" text="null" title="null">crypto trading services to the public</a>. With Spain now entering the fold, BBVA is broadening its crypto services in line with evolving European regulations.
<h2 id="strong-tradfi-and-crypto-firms-scramble-for-mica-permit-strong">TradFi and crypto firms scramble for MiCA permit</h2>
BBVA’s expansion comes as the <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/mica-attract-crypto-investment-despite-overregulation-concerns-regulatory-expert" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Markets in Crypto-Assets Regulation (MiCA) reached full implementation</a> at the end of 2024. While the framework is now in effect, crypto companies in the EU have until July 2026 to fully comply with its requirements under an 18-month transitional phase.
<figure><img alt="BBVA gets regulatory nod to offer Bitcoin and Ether trading in Spain" src="https://s3.cointelegraph.com/uploads/2024-12/019407be-13c3-7df6-bf1f-63454d7b0e43" title="">
 <figcaption style="text-align: center;">
 The grandfather period, or transitional phase, for crypto firms to become MiCA-compliant lasts until July 2026. Source: ESMA
 </figcaption>
</figure>
Since MiCA’s rollout, traditional finance firms have accelerated their efforts to secure MiCA licenses and integrate crypto services. Prime brokerage Hidden Road <a data-ct-non-breakable="null" href="https://www.afm.nl/en/sector/registers/vergunningenregisters/cryptopartijen" rel="noopener noreferrer nofollow" target="null" text="null" title="null">obtained</a> its MiCA license in the Netherlands on Dec. 30, 2024. <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/standard-chartered-crypto-custody-luxembourg-license" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Standard Chartered followed on Jan. 9</a>, receiving approval in Luxembourg, while Boerse Stuttgart Digital Custody became <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/boerse-stuttgart-digital-first-mica-license-germany" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Germany’s first MiCA-licensed crypto service provider</a> on Jan. 17.
Crypto-native companies are also adjusting to the new regulatory landscape. In January 2025, <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/okx-crypto-com-secure-mica-licenses-eu" rel="noopener noreferrer nofollow" target="null" text="null" title="null">major exchanges OKX, Crypto.com</a> and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/hashkey-vasp-license-ireland-expansion" rel="noopener noreferrer nofollow" target="null" text="null" title="null">HashKey all secured MiCA approval</a>. Bybit, which suffered <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bybit-1-4b-hack-in-pictures" rel="noopener noreferrer nofollow" target="null" text="null" title="null">the largest hack in crypto history</a>, was recently <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bybit-removed-france-amf-blacklist" rel="noopener noreferrer nofollow" target="null" text="null" title="null">removed from France’s blacklist</a> and has expressed intent to obtain a MiCA license next.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/sec-crypto-laws-unclear/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">SEC’s U-turn on crypto leaves key questions unanswered</a>&nbsp;

BBVA gets regulatory nod to offer Bitcoin and Ether trading in Spain

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