Spanish bank BBVA opens Bitcoin trading support to private banking clients in Switzerland

BBVA claims the service is only going to be available to clients in Switzerland due to the country’s clear regulations and widespread adoption of electronic assets.

Giants Spanish bank BBVA will provide custodial services and trade its cryptocurrency for private banking customers in Switzerland on June 21.

On June 18, BBVA said that after six months of testing the service with a select group of customers, it’s currently offering trading solutions to BBVA Switzerland clients. However, this unit also highlights that it won’t give advice on those forms of investment.

Services offered include Bitcoin custody and trading services with the intent of expanding services to other cryptocurrencies, the lender said.

BBVA said the service will apply to clients in Switzerland due to the country’s clear regulations and widespread adoption of electronic assets.

As reported by CoinDesk in December 2020, BBVA believes Switzerland to have relatively comprehensive regulations on electronic assets, as put in place by the nation’s Financial Market Supervisory Authority (FINMA).

Alfonso Gómez, CEO of BBVA Switzerland, says this is only step one in a wave he believes will have a big effect on all financial services.

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