Spanish bank Banco Bilbao Vizcaya Argentaria (BBVA) has received authorization from the national financial regulator to launch Bitcoin (BTC) and Ethereum (ETH) trading for its clients. This approval comes as the Markets in Crypto-Assets Regulation (MiCA) framework is fully implemented in the European Union (EU).
Years-Long Approval Process
For BBVA, this decision marks the conclusion of a multi-year approval process. As early as 2020, the bank expressed interest in entering the digital asset market but faced regulatory uncertainty in the EU. As a result, it initially considered launching its crypto services in Switzerland, where FINMA regulations provided a clear framework.
In January 2025, BBVA began offering crypto trading services in Turkey through its local subsidiary. Now, the bank can extend Bitcoin and Ethereum access to its customers in Spain.
European Banks Accelerate Crypto Integration
BBVA is not the only major European bank exploring crypto adoption. Other financial institutions have also expanded their blockchain initiatives:
- Deutsche Bank is developing an Ethereum rollup with ZKsync and offering custody services via Taurus.
- Société Générale, through its subsidiary SG-FORGE, launched a euro-backed stablecoin on the XRP Ledger.
Experts note that rising regulatory clarity and growing institutional interest in crypto assets are driving traditional banks to establish their position in the digital economy.
The Digital Euro and ECB’s Financial Struggles
Alongside private-sector efforts in crypto, the European Central Bank (ECB) is fast-tracking the launch of the digital euro. ECB President Christine Lagarde stated that the digital euro should be ready by October 2025 but emphasized the need for accelerated legislative adoption.
Analysts suggest that this urgency may be linked to the ECB’s financial difficulties. The institution has reported losses for the second consecutive year, reaching €7.8 billion. Additionally, eurozone sovereign bonds continue to decline, with the EU government bond index falling 14% since 2022.
The ECB views the digital euro as a tool for financial system stability and capital flow control. Furthermore, EU governments are planning major borrowing programs and defense investments, which require new financial instruments.
A State-Controlled Digital Currency
The digital euro is officially positioned as an alternative to cash, but its implementation could erode financial privacy. In 2022, Christine Lagarde described the digital euro as a "banknote with slightly less anonymity."
Some analysts warn that a CBDC (Central Bank Digital Currency) could become a tool for financial surveillance. Concerns are growing amid political restrictions in the EU, including election cancellations and limits on free speech in several member states.
In a recent essay, BitMEX co-founder Arthur Hayes called CBDCs "pure evil." According to Hayes, governments could fully control and program CBDCs, deciding who can transact and when. He argues that Bitcoin remains the only hedge against such centralized control.
Adding further pressure on the European financial system is the potential seizure of Russian Central Bank assets. This precedent could discourage foreign investors and lead to capital outflows from European assets. Under these conditions, the digital euro may serve as a way to artificially sustain demand for the EU currency.
The Future of Europe’s Financial System
The development of the digital euro and the growing presence of crypto services in European banks highlight fundamental shifts in the EU’s financial landscape. While traditional banks embrace blockchain innovations, governments seek to maintain monetary control through CBDCs.
The effectiveness of the digital euro in strengthening the EU’s global economic position remains to be seen in the coming years. However, for now, it appears that banks and regulators are moving in the same direction — toward full financial digitization.
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