Spain’s BBVA opens crypto trading services

Spanish banking giant BBVA is making its cryptocurrency trading and custody service available to private banking clients in Switzerland from June 21.

BBVA said Friday, after six months of testing the service with a selected group of users, it is now making trading available to BBVA Switzerland clients. The entity will not be offering advice on these types of investments, however.

This includes bitcoin trading and custody services with the aim of extending it to other cryptocurrencies, said the bank.

BBVA said the reason why the service will only be available to clients in Switzerland is due to clear regulations and the widespread adoption of digital assets in the region.

As reported by CoinDesk in December, BBVA sees Switzerland as having relatively comprehensive rules around digital assets, set out by the country’s Financial Market Supervisory Authority (FINMA).

Alfonso Gómez, CEO of BBVA Switzerland, said this is just a first step in a world that he believes will have a major impact on all financial services.