Spanish banking giants CaixaBank, Kutxabank, and Renta 4 are moving towards offering cryptocurrency-related services. Following BBVA’s lead, these financial institutions are looking to capitalize on the growing demand for digital assets, driven by the European Union’s new regulatory framework.
With the Markets in Crypto-Assets (MiCA) regulation coming into effect late last year, banks now have a clearer path to enter the crypto sector. These new rules have made it possible for traditional financial institutions to provide cryptocurrency custody and trading services, bringing more legitimacy and security to the market.
BBVA has already announced plans to launch Bitcoin and Ethereum trading and custody services later this year. The bank has completed the necessary authorization process with Spain’s National Securities Market Commission (CNMV) and will integrate these services directly into its mobile application.
Other major Spanish banks, including Bankinter, Sabadell, Unicaja, and MyInvestor, have stated that they are not currently working on crypto-related services. Meanwhile, Santander and its digital banking subsidiary Openbank have declined to comment on their crypto plans.
According to El Español, the CNMV is currently reviewing applications from three financial firms seeking regulatory approval to operate crypto services in Spain. One of these applications comes from Renta 4, while the other two are from non-banking platforms.
CaixaBank and Kutxabank, on the other hand, are still in the early stages of their crypto initiatives. Both banks have confirmed they are working on plans to enter the market but have not yet submitted their applications to the CNMV. CaixaBank has stated that it is evaluating the possibility of launching cryptoasset services in Spain this year, noting that these offerings could be particularly appealing to younger, tech-savvy investors interested in innovation.
Kutxabank has confirmed that it is working on providing cryptocurrency custody, purchase, and sale services, with plans to formalize its CNMV registration soon.
The entry of traditional banks into the crypto space represents a major step forward for institutional adoption in Spain. Until now, large financial institutions have largely stayed on the sidelines, often citing regulatory uncertainty as a barrier to entry. With MiCA establishing clear rules, banks are becoming more comfortable integrating crypto services alongside their traditional offerings.
CaixaBank, Spain’s third-largest bank, manages assets worth approximately €520 billion ($568 billion) as of September 2024. If it successfully enters the crypto market, it could significantly expand mainstream access to digital assets, making them more accessible and secure for banking customers.
Spain’s crypto market has been dominated by fintech startups and independent exchanges. However, the involvement of major banks could accelerate cryptocurrency adoption and enhance investor confidence. Many consumers perceive bank-backed platforms as safer and more reliable compared to independent crypto exchanges, which have often faced regulatory scrutiny.
As these banks move closer to launching their crypto services, the industry is watching closely. The introduction of banking-backed crypto offerings could pave the way for more widespread adoption among retail and institutional investors alike. With a more stable regulatory environment and the backing of established financial institutions, the cryptocurrency market in Spain is set for significant growth in the coming years.
