Spanish Banks Explore Cryptocurrency Services Amid Regulatory Changes

According to PANews, Spanish banking giants CaixaBank, Kutxabank, and Renta 4 are planning to enter the cryptocurrency sector, following in the footsteps of BBVA. This move comes after the European Union's MiCA regulations took effect late last year, which have opened opportunities for traditional banks to offer cryptocurrency custody and sales services. However, other major Spanish banks such as Bankinter, Sabadell, Unicaja, and MyInvestor have stated they are not developing crypto-related services at this time. Meanwhile, Santander Bank and its subsidiary Openbank have declined to comment on their cryptocurrency plans. Spokespersons for CaixaBank and Kutxabank have indicated that they are still formulating plans to offer cryptocurrency trading services. They confirmed that neither bank has yet submitted an application to the CNMV, Spain's securities market regulator. Kutxabank expressed its intention to provide customers with options for cryptocurrency custody, purchase, and sale, and confirmed that it is in the process of handling its CNMV application. CaixaBank, noted as Spain's third-largest bank, is also involved in these developments.