BBVA expands crypto access in Spain: Here’s what changed

What is BBVA’s crypto service?

BBVA launched its crypto trading and custody service for retail customers in Spain on July 4, 2025, making it the first traditional bank in the country to offer such a service under the EU’s new MiCA regulations.

BBVA’s crypto offering provides buy, sell and custody services for Bitcoin (BTC) and Ether (ETH), integrated directly into the bank’s mobile banking app. The service is designed to bring cryptocurrency access to retail investors without requiring them to use third-party exchanges or separate custodians.

Key features include:

• Support for BTC and ETH trading.
• Custody handled directly by BBVA, not outsourced.
• Full integration with existing BBVA accounts for easy fund movement.
• Mobile-first interface, built into the standard BBVA banking app.
• No investment advice provided; this is a self-directed product.
• No DeFi or staking functionality; just basic trading and storage.

This is not a separate app or partnership-based service. It is a native offering from one of Europe’s major banks aimed at making crypto feel more familiar, secure and compliant.

Who can use BBVA’s crypto offering and how?

As of its launch in Spain, BBVA’s crypto services are available to all Spanish residents aged 18 and older who hold a BBVA bank account. 

This represents a significant expansion from BBVA’s earlier crypto pilot projects in Switzerland and Turkey, which were limited to private banking or foreign subsidiaries.

Accessing the service is straightforward. Here’s are the general steps involved:

• Open the BBVA mobile banking app.
• Navigate to the crypto tab in the investment or financial services section.
• Verify identity through standard KYC procedures.
• Fund the account with euros from your main BBVA account.
• Buy or sell BTC and ETH within the app.
• Hold crypto in bank-grade custody, secured by BBVA.
• View portfolio performance and transaction history alongside other accounts.

For risk-averse users or newcomers to digital assets, this lowers the barrier to entry as there is no need to download a separate app, manage external wallets or move funds through an exchange. 

BBVA’s regulatory foundation: MiCA and CNMV approval

BBVA’s retail crypto launch comes at a pivotal time for regulatory clarity in the EU. Under the Markets in Crypto-Assets Regulation (MiCA), which took effect in 2024, financial institutions can now offer regulated crypto products within a harmonized framework across all EU member states.

Spanish financial regulator, the CNMV (Comisión Nacional del Mercado de Valores), approved BBVA’s compliance with MiCA in March 2025. That gives the bank legal authority to offer custody, trading and investment services for specific crypto assets.

This regulatory backing sets Spain ahead of several neighboring EU countries in executing MiCA’s harmonized rules:

• In France, the AMF began accepting MiCA license applications on July 1, 2024, with a transitional regime allowing existing crypto firms to operate until July 1, 2026, but traditional banks are still in the pilot phase and have not yet received operational authorizations.
• In Germany, BaFin approved its first MiCA licenses for firms like Crypto Finance and Bitpanda on Jan. 27, 2025, but leading banks such as Deutsche Bank and the Sparkassen group are not expected to begin retail crypto services until 2026.
• Italy implemented its MiCA framework via Legislative Decree No. 129 on Sept. 5, 2024, and requires crypto firms to apply for authorization by June 30, 2025, but no major Italian banks have launched retail crypto services yet.
• Portugal activated MiCA across all EU member states on Dec. 30, 2024, yet local regulatory bodies are still establishing licensing procedures, and retail bank adoption remains pending.

Spain not only implemented MiCA swiftly but also empowered leading banks like BBVA to act decisively. CNMV’s readiness to authorize such services signals Spain’s ambition to become a crypto-finance hub within the EU, encouraging innovation while ensuring investor protection. This regulatory clarity has made Spain an attractive launchpad for compliant crypto services, offering a competitive edge in a rapidly evolving European market.

BBVA’s crypto expansion timeline: From Switzerland to Spain

BBVA’s retail crypto expansion did not happen overnight. Its roadmap reflects a cautious and deliberate strategy.

• June 2021: Switzerland: BBVA offered Bitcoin trading and custody to private banking clients via its Swiss division, taking advantage of Switzerland’s early crypto regulations. The Swiss branch has since expanded its offerings to include Ether and the USDC (USDC) stablecoin.
• Jan 2025: Turkey (garanti BBVA kripto): BBVA’s Turkish subsidiary launched a crypto trading platform for local users under a separate brand.
• July 2025: Spain (retail launch): The current launch brings crypto into the core BBVA banking experience for the broader retail market in Spain.

With MiCA enabling the passporting of financial services across EU member states, BBVA could use its July 2025 launch in Spain as a regulatory foothold for future expansion into markets like France, Italy, and Germany, once local licensing procedures are completed.

Benefits for retail crypto users

BBVA’s crypto offerings are focused on simplifying access while maintaining high standards for security and regulatory compliance.

Key benefits include:

• Security: Crypto is stored using BBVA’s internal custodial infrastructure, offering protections similar to traditional bank holdings.
• Simplicity: No private keys, seed phrases or external wallets are required. Users interact with crypto the same way they manage fiat.
• Regulatory protection: As a MiCA-compliant provider, BBVA is subject to legal obligations regarding disclosures, capital reserves and data security.
• Ease of access: Users can trade and store crypto directly in BBVA’s app without relying on DeFi protocols, third-party wallets or unregulated exchanges.

This structure is ideal for users who value regulatory oversight and prefer to keep their digital assets within a familiar banking environment.

What BBVA doesn’t offer (and why it matters)

While BBVA’s launch of crypto services is a significant milestone for traditional finance, the offering remains intentionally narrow in scope. The bank has chosen to focus on simplicity, security and regulatory alignment, rather than competing with feature-rich exchanges or DeFi platforms.

This decision shapes the user experience and defines the target audience, but it also limits the flexibility and functionality more advanced users may expect.

Here is what BBVA does not offer:

• No investment guidance: Users must make all trading decisions on their own. BBVA does not provide portfolio guidance or asset recommendations.
• No altcoin support: The platform currently supports only BTC and ETH. Stablecoins, emerging tokens and other cryptocurrencies are excluded.
• No DeFi, staking or lending features: Users cannot earn yield or participate in decentralized finance protocols. The service focuses strictly on trading and custody.

These limitations reflect BBVA’s cautious, compliance-first approach to crypto integration.

Potential risks and considerations for crypto investors

While BBVA’s entry into crypto services provides a more secure and regulated environment for retail investors, it does not eliminate the inherent risks associated with digital assets. 

Users should approach this service as a convenient on-ramp into crypto, not as a substitute for fully understanding the asset class or its limitations.

• Volatility: Bitcoin and Ether continue to be highly volatile assets. Their prices can experience significant fluctuations within hours or even minutes, leading to unexpected gains or losses. Even in a bank-facilitated setting, this market instability remains unchanged.
• Regulatory shifts: Although BBVA’s service complies with MiCA and Spain’s CNMV, future regulatory updates at the national or EU level could alter the scope of offerings, introduce new compliance requirements or restrict access to certain services.
• Custody limitations: Users do not control their private keys. All digital assets are held by BBVA on behalf of the user, meaning full ownership is custodial. Trust in the bank’s infrastructure and policies is essential.
• No deposit insurance: Unlike traditional bank deposits, crypto holdings are not protected under EU deposit guarantee schemes. If losses occur due to unforeseen issues, recovery may be limited.

Should you use BBVA for crypto?

Deciding whether to use BBVA’s crypto service instead of a traditional crypto exchange depends largely on your investment goals, technical comfort and risk tolerance. 

BBVA offers a highly regulated, bank-integrated experience that prioritizes ease of use and security over breadth of features.

You may find this platform ideal if you’re:

• New to crypto and want a simple, bank-backed way to get started without diving into complex DeFi tools.
• Someone who values strong regulatory oversight and the consumer protections that come with a fully licensed, MiCA-compliant institution.
• A BBVA customer looking for a seamless way to buy, sell and store crypto, all from within the same app you already use for everyday banking.

However, it may be less suitable for:

• Investors seeking exposure to a broader range of digital assets, including altcoins or NFTs.
• Users who want full control of their private keys and prefer self-custody.
• Traders looking for advanced tools, yield products or access to decentralized finance protocols.

Always remember that regulation improves safety, but it doesn’t eliminate financial risk or guarantee protection against losses.