Spain’s second largest bank, BBVA (Banco Bilbao Vizcaya Argentaria), has advised wealthy clients to provide some of their investment portfolio to invest in crypto.
BBVA told wealthy clients to invest between 3% to 7% of their portfolio in crypto and bitcoin (BTC), depending on their desired exposure to risk, Reuters reported On Tuesday, a company executive was mentioned.
“To private customers, since September last year, we have begun counseling in Bitcoin,” Philippe Meyer, head of digital and blockchain solutions to BBVA Switzerland, at a London conference. He added that the portfolio allocation has now increased for riskier profiles.
Meyer said clients became attractive -the bank’s advice and eliminated concerns that the owner was too dangerous. “If you look at a balanced portfolio, if you introduce 3%, you have strengthened the performance. At 3%, you are not gaining a great risk,” he said.
The BBVA transfer came amid ongoing warnings from European Union regulators and the Bloc’s central bank to crypto risks, and while 95% of EU banks avoided crypto activities according to the European Securities and Markets Authority (Esma).
BBVA gets regulations that nod to Spain for Crypto
The BBVA has been conducting crypto trading since 2021 and switched to active advisory in late 2024, positioning itself ahead of most traditional banks.
In March, the Spanish security regulator The bank was allowed to offer bitcoin (Btc) and ether (Eth) trade in the country.
BBVA crypto offerings are launched in a phased rollout to select clients first, and enable users to buy, sell, and manage digital assets through the mobile app in the coming months.
Impact of Mika
BBVA’s expansion in crypto came as markets in Europe in the crypto-assets regulation (Mica) reaches full implementation by the end of 2024.
Related: Europe is preparing to fix the defi in 2026 while Mica leaves sector in limbo
EU crypto companies are up to July 2026 to fully comply with it Stringent requirements under an 18-month transitional stage.
Santander Eyes Stableoins
The other banks who offered select crypto trading are included Santander.
The bank considers offering both dollars and euro-pegged stablecoins, According to In a May report.
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