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Crypto offerings with Bitcoin and Ethereum are getting a major boost as Spanish banking giant BBVA takes a bold leap where 95% of EU banks fear to tread.
BBVA has officially rolled out regulated crypto trading and custody services for Bitcoin and Ethereum, directly within its mobile banking platform, a move set to reshape digital asset banking across Europe.
In a continent where digital assets remain taboo for most banks, BBVA’s entry signals both ambition and confidence.
The launch is particularly significant given Spain’s growing interest in digital assets. According to the European Central Bank’s latest survey, 9% of Spaniards now own crypto, doubling from just two years ago.
Crypto offerings with Bitcoin and Ethereum are now seamlessly available to BBVA’s retail customers in Spain.
The bank has fully embedded the service into its proprietary mobile app, removing any dependency on third-party custodians or exchanges.
BBVA’s Head of Retail Banking for Spain, Gonzalo Rodríguez, explained:
“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.”
This rollout follows regulatory approval from Spain’s National Securities Market Commission (CNMV) in March 2025, giving BBVA full authorization to offer digital asset services to eligible customers.
The infrastructure complies with the EU’s MiCA regulations, which set unified standards for crypto services across member states.
BBVA’s crypto offerings with Bitcoin and Ethereum aren’t new — they were first introduced through BBVA Switzerland in 2021.
Initially targeting private banking clients, the Swiss division later added Ethereum, Solana, XRP, and AVAX, appealing to institutional investors and high-net-worth individuals.
Philippe Meyer, Head of Digital and Blockchain Solutions at BBVA Switzerland, commented:
“A 3% portfolio allocation to cryptocurrency represents manageable risk exposure. In a balanced portfolio, this can enhance performance.”
BBVA Switzerland even began advising clients on optimal portfolio splits, recommending between 3% to 7% in crypto, with a core focus on Bitcoin and Ethereum — a strategy now likely to echo in Spain.
Not stopping at Bitcoin and Ethereum, BBVA has expanded into stablecoins, adding USDC services in late 2024 for its Swiss clients.
These allow customers to convert and hold USDC with near-instant execution into euros or dollars, effectively bridging fiat and crypto markets.
Stablecoins are growing in strategic importance. BBVA highlights that large corporations and fund managers use stablecoins like USDC to optimize exchange settlements and reduce transaction lag across platforms.
“Stablecoins serve as an effective hedge against crypto volatility,” said Meyer. “They’re not just placeholders — they’re tactical instruments for liquidity management.”
While most EU banks avoid digital assets due to the European Securities and Markets Authority’s (ESMA) conservative stance, Spain is charting its own course.
With over $80 billion in crypto received between 2023 and 2024, the country is now the 5th-largest crypto recipient in Europe.
Crypto offerings with Bitcoin and Ethereum are being embraced by a rapidly growing segment of Spain’s population. ECB data reveals that 9% of Spanish adults own crypto, catching up to France and Croatia — though still trailing Slovenia (15%) and Greece (14%).
While BBVA’s offering looks like a breakthrough, analysts believe it comes with a fiscal caveat. Spain enforces a 28% capital gains tax on crypto, alongside mandatory reporting obligations under the AEAT. Investors are required to disclose all digital asset transactions and profits.
Despite this, the accessibility of crypto offerings with Bitcoin and Ethereum through BBVA’s mobile app could outweigh the regulatory friction for many Spanish users.
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