CoinDesk Analysis Team
CoinDesk
Spanish banking giant BBVA is making its cryptocurrency trading and custody service available to private banking clients in Switzerland from June 21.
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BBVA said Friday, after six months of testing the service with a selected group of users, it is now making trading available to BBVA Switzerland clients. The entity will not be offering advice on these types of investments, however.
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This includes bitcoin trading and custody services with the aim of extending it to other cryptocurrencies, said the bank.
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BBVA said the reason why the service will only be available to clients in Switzerland is due to clear regulations and the widespread adoption of digital assets in the region.
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As reported by CoinDesk in December, BBVA sees Switzerland as having relatively comprehensive rules around digital assets, set out by the country’s Financial Market Supervisory Authority (FINMA).
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Alfonso Gómez, CEO of BBVA Switzerland, said this is just a first step in a world that he believes will have a major impact on all financial services.
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