BBVA expands crypto trading via Garanti BBVA Kripto, leveraging MiCA regulations for European growth.
European banks embrace crypto trading as MiCA clears regulatory hurdles for financial institutions.
Rising crypto demand drives BBVA and major European banks to integrate digital asset services.
Spanish banking giant BBVA is investing in the cryptocurrency industry. Garanti BBVA Kripto, its Turkish division, will allow people to engage in crypto trading. Previ-ously, these services were available only from a restricted pilot program. The trading execution partner that the bank will be using is Bit2Me which is a Spanish crypto exchange.
MiCA Regulation is Positive for European Banks
The Markets in Crypto-Assets (MiCA) regulation entered into force throughout the European Union on December 30, 2024.. This regulatory framework now allows financial institutions to secure domestic approvals for crypto services. Abel Peña, Chief Sales Officer at Bit2Me, highlighted the impact of MiCA on banks’ strategies. He mentioned that over 50 financial institutions are preparing to launch similar services. Peña expects many of these banks to begin offering crypto trading by early 2025.
P2P platforms have been able to gain a legal right to provide exposure to cryptocurrency such as Bitcoin (BTC) and Ethereum (ETH). These are the digital assets that keep drawing interests from retail and institutional clients. The clarity provided by MiCA has eliminated significant regulatory barriers for financial institutions.
Why BBVA Chose Turkey for Its Crypto Pilot Program
BBVA began its crypto journey in Turkey due to favorable regulatory conditions. The country provided a stable environment for early adoption. Garanti BBVA Kripto started advertising crypto trading services in January 2024. However, these services were restricted to a pilot program.
With MiCA now in place, BBVA plans to extend its crypto services across Europe. Peña confirmed that several financial institutions have already integrated crypto trading solutions. Many of them are now waiting for final regulatory approvals. He did not reveal the names of these institutions but confirmed their readiness to launch.
Growing Interest in Crypto Among European Banks
BBVA is not the only European bank exploring cryptocurrencies. Deutsche Bank is building blockchain-based services using ZKsync technology. The bank also collaborates with Swiss startup Taurus on tokenization projects. Société Générale has developed its crypto arm, SG-FORGE. It recently announced a euro stablecoin launch on the XRP Ledger network.
Political factors in the United States have also influenced the banking sector’s interest in crypto. Positive sentiments have stemmed from the President-elect Donald Trump support of cryptocurrency products. Moreover, EI Bitcoin exchange-traded funds (ETFs) have obtained $35 billion in funds within one year.
BBVA’s Position in the Global Market
BBVA managed $857 billion in assets in 2023. It is the second-largest bank in Spain and is 43rd largest on the international level. The move to offer crypto services shows that cryptocurrencies are gradually being incorporated into traditional financial systems.
This means that conventional banks can no longer afford to overlook the increasing popularity of cryptocurrencies.. Institutions like BBVA are now preparing to integrate crypto into their mainstream services. As regulatory clarity improves, more banks are expected to follow this trend. BBVA’s move signals a broader transformation in the financial sector.
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