BBVA, Spain’s second-largest banking group, is encouraging its wealthier clientele to consider allocating a portion of their portfolios to cryptocurrencies, including Bitcoin (BTC).
According to a report by Reuters, BBVA has suggested that private banking clients invest between 3% and 7% of their assets in crypto, depending on their risk tolerance. This strategic recommendation marks a shift in the bank’s approach to digital assets.
Philippe Meyer, who leads digital and blockchain initiatives at BBVA Switzerland, shared at a London conference that the bank has been advising clients on Bitcoin investments since September of last year. “We’re now seeing an increased allocation for those with higher risk appetites,” he said.
Meyer added that clients have responded positively to the advice and aren’t deterred by the perceived volatility of the market. “In a diversified portfolio, even a 3% exposure can enhance returns without exposing investors to excessive risk,” he noted.
This development comes as most European banks remain cautious around crypto. In fact, the European Securities and Markets Authority (ESMA) notes that 95% of EU financial institutions still avoid any crypto-related activities, despite ongoing consumer interest.
Regulatory Green Light in Spain
BBVA has been involved in cryptocurrency trading since 2021 but only began offering tailored crypto investment advice in late 2024. In March, the bank received regulatory approval from Spain’s securities commission to offer trading of both Bitcoin and Ethereum (ETH) domestically.
The rollout began with a limited group of clients and is expected to expand, eventually allowing users to manage digital assets directly via the bank’s mobile platform.
MiCA and Market Expansion
BBVA’s growing crypto services coincide with the European Union’s Markets in Crypto-Assets (MiCA) framework becoming fully active at the end of 2024. Under this regulation, crypto companies operating within the EU must align with new standards by July 2026.
Santander Enters the Scene with Stablecoin Plans
BBVA is not the only major Spanish bank exploring crypto. Santander is reportedly exploring the launch of its own stablecoin, with potential offerings pegged to both the U.S. dollar and the euro. The bank is also working to expand its retail crypto services, according to reports from May.
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