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In Spain, Banks Are Preparing To Offer Their Clients Investment In Cryptoassets Directly

Anna Martynova

Spanish banks are now exploring the possibility of offering their clients cryptoassets directly. Some organizations have begun to inquire about whether they need to register with the appropriate registry for such platforms, which should go live on October 29th. In June, the Bank of Spain announced that during September and October it will provide instructions and the necessary forms to request registration. But this documentation is not yet available.

Some banks operating in Spain have already developed plans to open cryptocurrencies or work with cryptocurrencies abroad. This is the case with BBVA, which has set up a commercial crypto asset in Switzerland offering exchange and storage services. Spanish bank Caixabank is launching a pilot program offering services in partnership with Onyze, a company that offers a storage-as-a-service program for businesses. However, this pilot will not be offered to customers for the foreseeable future.

The regulatory framework for cryptocurrencies in the EU is still under development. Development is unlikely to be completed this year. However, sources say this could happen in early 2022.


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