Nikolas Sargeant
Spanish banking giant BBVA has received regulatory approval to launch Bitcoin and Ether trading services in Spain, the lender announced Monday. This authorization from Spain's securities regulator marks a significant expansion of BBVA's digital asset offerings. The new service will allow customers to buy, sell, and manage Bitcoin and Ether directly through the bank's mobile application when it rolls out in the coming months.
Initially, BBVA will limit access to a select group of users before expanding availability to all private customers throughout Spain. This domestic launch builds upon BBVA's established cryptocurrency services in Switzerland and Türkiye, where the bank has offered digital asset custody and trading since 2021 and 2023, respectively.
Proprietary Platform Ensures Digital Asset Security
Setting itself apart from competitors, BBVA will implement its proprietary in-house cryptographic key custody platform to secure customer cryptocurrency holdings. This approach eliminates reliance on third-party custody providers, potentially enhancing security and control.
While providing a secure and user-friendly experience, BBVA emphasized that the service will not include investment advisory components. Customers will maintain complete control over their crypto investments and must initiate trades independently. Gonzalo Rodríguez, Head of Retail Banking at BBVA Spain, stated that the bank aims to simplify cryptocurrency investing by offering an accessible, fully digital service directly from mobile devices.
Rodríguez further explained that BBVA intends to guide customers through digital asset exploration while ensuring their investments benefit from the security and stability offered by an established financial institution.
Growing Spanish Market Drives Strategic Expansion
BBVA's introduction of cryptocurrency services in Spain follows the successful implementation of similar offerings in Switzerland. BBVA Switzerland became the bank's first branch to provide Bitcoin custody and trading services to private banking clients in June 2021, later expanding to include Ether and USDC stablecoin, attracting both institutional investors and high-net-worth individuals.
Spain's rapidly expanding cryptocurrency market has reinforced BBVA's decision to develop domestic digital asset services. According to a 2024 European Central Bank survey published in January 2025, nearly 9% of Spanish residents now own digital assets—more than double the 2022 figure.
Spain currently matches France and Croatia in cryptocurrency adoption within the Eurozone but remains behind countries like Slovenia (15%) and Greece (14%). Most Spanish cryptocurrency investors (57%) treat digital assets as investments, while 19% use them for payments and 20% engage in both activities. With increasing regulatory clarity and mainstream acceptance, Statista projections suggest cryptocurrency adoption in Spain could reach 31.55% by late 2025, potentially representing over 15 million users in a population of approximately 47 million.
