PANews reported on January 2 that Garanti BBVA Kripto, a cryptocurrency custody platform under Garanti BBVA, Turkey's fifth largest bank, will provide cryptocurrency trading services to the public, according to CoinDesk. This service is implemented by the Spanish crypto exchange Bit2Me and marks an important step for European banks to accelerate their entry into the crypto field. Spanish banking group BBVA holds 86% of Garanti BBVA's shares. BBVA previously piloted the service in Turkey, taking advantage of the relatively relaxed regulatory environment there.
The Europe-wide (Markets in Crypto-Assets Act) (MiCA) will take full effect on December 30, 2024, providing a clear regulatory framework for financial institutions such as banks. According to Abel Peña, head of sales at Bit2Me, more European banks are expected to launch cryptocurrency spot trading services in the first quarter of 2025.