Spain’s second largest bank, BBVA (Banco Bilbao Vizcaya Argentaria), has advised its wealthy clients to allocate some of their portfolios to invest in cryptocurrencies.
BBVA tells its wealthy clients to invest 3% to 7% of their portfolio in cryptocurrencies and Bitcoin (BTC), depending on the exposure they need Report On Tuesday, company executives were cited.
“With private clients, we have been advising bitcoin since September last year,” Philippe Meyer, head of Swiss digital and blockchain solutions at BBVA, Switzerland, said at a meeting in London. He added that portfolio allocations have now been increased to improve the risk profile.
Meyer said clients have accepted the bank’s advice and dismissed concerns about assets being too risky. “If you look at a balanced portfolio, if you introduce 3%, you have improved your performance. In 3%, you don’t take a huge risk,” he said.
The BBVA’s move comes amid ongoing warnings about crypto risks from EU regulators and group central banks, although according to the European Securities and Markets Authority (ESMA).
BBVA gains regulatory points to encrypt in Spain
BBVA has been executing cryptocurrency transactions since 2021 and moved to Active Advisory at the end of 2024, positioning itself as the lead in most traditional banks.
In March, Spain’s securities regulator Allow banks Provide Bitcoin (BTC) and ether (ethereth) Transactions in the country.
BBVA’s crypto products are first selected in phases to select customers first and will purchase, sell and manage digital assets through its mobile app in the coming months.
The influence of mica
BBVA’s expansion to cryptocurrency is the development of the European market for cryptoasset regulations (Mica) It has been fully implemented by the end of 2024.
Related: Europe adjusts to adjust Defi in 2026 as mica leaves the fan in dilemma
EU crypto companies must fully comply by July 2026 Strict requirements During the 18-month transition phase.
Santander’s eyes are stable
Other banks that offer featured crypto transactions include Santanderthis is considering issuing its own stablecoins and expanding retail crypto services.
The bank is considering offering fixed Stablecoins in USD and Euro, according to May report.
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