In line with its increasing crypto initiatives, Spanish banking giant BBVA has teamed up with Singapore Exchange’s foreign exchange arm — SGX FX — to enable retail clients to trade digital assets seamlessly via its platforms.
With the new crypto-focused venture, European customers will be eligible to trade crypto through BBVA, according to CoinDesk.
At the moment, the banking firm is focusing on integrating 24/7 Bitcoin and Ether trading for its users. This move follows BBVA’s recent launch of a new service that lets financial firms outside Europe send payments to Spain instantly.
BBVA SG FX crypto partnership
BBVA is a regulated gateway in Europe. When it integrates SGX FX’s digital infrastructure into its own platforms, it handles KYC, anti-money laundering, custody, and clients facing regulations in Europe. SGX FX, meanwhile, provides execution, liquidity, and market connectivity.
Crypto is not something new for BBVA
The Spanish banking giant is not a newcomer to the crypto space. Its name is prominent in the banking sector due to its crypto initiatives. Last month, BBVA launched multiple solutions leveraging Ripple Custody to manage digital assets under the European Union’s (EU) Markets in Crypto Assets (MiCA) framework.
The bank has previously launched Bitcoin and Ethereum trading custody services for retail customers in Spain after receiving regulatory approval from Spain’s securities regulator, CNMV. Beyond Europe, the banking firm, through its subsidiary Garanti BBVA, expanded its facilities to Turkey by launching a crypto asset custody service in 2023.
MiCA plays a big role
The European Union has recently advanced to a crypto-focused region, thanks to its MiCA regulatory framework for digital assets. The framework has ignited the path forward for BBVA and several other firms. In September, nine European banks struck a deal to issue a MiCA-compliant euro-denominated stablecoin. Major exchange Deutsche Börse partnered with Circle to bring regulated stablecoins into the European capital markets infrastructure. MiCA also supports tokenization, allowing the issuance of asset-referenced tokens.
