From 2025, Spanish banks will offer customers the opportunity to trade cryptocurrencies like Bitcoin, thanks to the implementation of the European Markets in Crypto Assets (MiCA) regulation. This legislation establishes a comprehensive framework for issuing and trading cryptocurrencies, assigning clear responsibilities to financial institutions.
According to reports from El Confidencial, major banks such as CaixaBank, BBVA, Openbank, and Kutxabank have submitted their plans to the Spanish securities regulator CNMV. These plans include services like cryptocurrency purchase, sale, and storage but explicitly exclude advisory services.
Leading Spanish banks prepare for crypto trading
BBVA and CaixaBank are set to be trailblazers in Spain’s crypto banking landscape. BBVA, with prior experience in Switzerland and Turkey, is exploring ways to introduce crypto services domestically. CaixaBank aims to attract young, tech-savvy investors and confirms its interest in offering crypto services within MiCA’s regulatory boundaries.
Openbank, the digital arm of Banco Santander, will play a pivotal role in its parent company’s crypto strategy. It already provides investment options in cryptocurrencies through exchange-traded products (ETPs) in Germany. Similarly, Kutxabank is focusing on digital customers, planning to offer cryptocurrency storage and transaction services.
Integrating crypto into traditional finance
Although still in its preparatory stages, MiCA marks a significant step toward integrating cryptocurrencies into traditional financial systems. This move positions Spain’s banking sector as a key player in the emerging digital asset market. Furthermore, the recent political developments in the United States, including the election of Donald Trump, have amplified interest in cryptocurrencies. Trump’s administration’s statements on deregulation and financial innovation have contributed to market optimism, pushing Bitcoin to new milestones. While these policies are primarily U.S.-focused, their ripple effects are being felt globally, including in Spain’s burgeoning crypto landscape.
What is MiCA?
MiCA (Markets in Crypto Assets) is a European regulation providing a legal framework for cryptocurrencies and related services. Its objectives include regulating the market, protecting consumers, and fostering innovation. MiCA encompasses aspects like issuance, trading, storage, and management of cryptocurrencies. Additionally, it requires companies to obtain approval from national regulators, such as the CNMV in Spain, before offering such services, creating a standardised and secure environment for investors and providers within the European Union.
Before MiCA, Europe’s crypto market operated in a legal grey area, with fragmented regulations varying across countries or, in some cases, no specific laws whatsoever. This lack of uniformity increased risks of fraud and market manipulation for consumers while creating uncertainty for businesses. Banks were hesitant to offer crypto services due to potential reputational and legal risks. MiCA’s introduction resolves this fragmentation, paving the way for a safer, more transparent, and better-regulated crypto market across the EU.
Also read: Cryptocurrencies under the scrutiny of the Spanish tax authorities