BBVA Just Shook Spain’s Financial Scene With Crypto Move 🚀

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Well, it seems Banco Bilbao Vizcaya Argentaria (BBVA)—Spain’s very own banking behemoth—has decided to dive headlong into the murky waters of cryptocurrency. On March 10, the bank cheerfully informed the world that Spain’s securities regulator, the high-and-mighty Comisión Nacional del Mercado de Valores (CNMV), has given them the official nod to offer Bitcoin (BTC) and Ether (ETH) trading services. One imagines a raucous celebration involving spreadsheets and digital wallets. 🍾

For those keeping score, this means Spaniards can now buy, sell, and fondle their digital assets through BBVA’s fancy mobile app. No third-party meddling here, thank you very much. The bank, with admirable hubris, will use its own cryptographic key custody platform to guard these treasures. 🏦🔐

But—not so fast. For now, the fanfare is limited to a select clique of lucky users. The rest of Spain? Step aside and wait your turn like British holidaymakers in Marbella. Full rollout is promised “in the coming months.” Patience, darling. Patience. ⏳

BBVA’s crypto telenovela started in Switzerland

Once upon a time—June 2021, to be precise—BBVA’s rebellious streak led it into the alpine haven of Switzerland. There, it rolled out Bitcoin custody and trading services for its fancy private banking clients. Ether soon followed, alongside the USDC (USDC) stablecoin. One can only imagine the hushed conversations over fondue pots and Zurich’s crisp air. 🇨🇭

Fast-forward to January 2025, when BBVA Turkey, or Garanti BBVA Kripto, threw its crypto hat into the ring. With Spain now invited to the party, BBVA is clearly assembling quite the European crypto empire, one regulation at a time. 🙃

MiCA Madness: Traditional finance meets the crypto circus

If the Markets in Crypto-Assets Regulation (MiCA) was a Netflix show, it would be trending worldwide. Since its grand finale—fully implemented by the end of 2024—traditional finance firms have been positively tripping over themselves to secure a seat at the crypto table. MiCA gives these companies an 18-month “figure it out!” phase ending in July 2026. It’s like cramming for an exam, except the stakes involve billions of euros. 💶😅

Hidden Road became the first prime brokerage to bag a MiCA license—Netherlands, December 30, 2024. Followed swiftly by Standard Chartered in Luxembourg on January 9 and Boerse Stuttgart Digital Custody in Germany on January 17. Clearly, everyone wants a slice of the crypto strudel. 🥐⚡

Crypto-native firms, ever the drama kings, have been navigating MiCA’s red tape too. January 2025 saw OKX, Crypto.com, and HashKey gleefully securing approval. Even Bybit—famously hacked in the industry’s most jaw-dropping heist—found time to express its intention to snag a MiCA license. Redemption arc, anyone? 🎭🍿

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2025-03-10 12:00