One of the largest banks in Spain can …
One of the largest banks in Spain may open a service for storing and exchanging cryptocurrencies
Spanish Banco Bilbao Vizcaya Argentaria (BBVA), which ranks second among the country’s banks in terms of assets under management with $ 840 billion, plans to launch a service for the exchange and storage of cryptocurrencies. This is reported by CoinDesk with reference to sources familiar with the situation..
According to them, BBVA will first provide services in Switzerland, where there is relatively clear regulation of the cryptocurrency sector in accordance with the requirements of the Financial Market Supervision Authority (FINMA). One source said that the service will be pan-European, but BBVA intends to register it in the jurisdiction of FINMA.
“There are some legal compliance issues left, so this will not happen in December, but I expect them to launch next month,” the source said. He clarified that the solution is aimed at working with cryptocurrencies, and not tokenized securities..
Earlier it became known that the Swiss subsidiary of Gazprombank is launching its own cryptocurrency service. BBVA is expected to integrate an identical custodian solution called SILO. The source claims that the preparatory work has been underway for six months.
Another source said the project could be launched closer to Christmas, but also acknowledged the presence of regulatory difficulties. “The project must go through several processes in order to get approval and become a reality,” he explained..
In 2017, the BBVA conducted trials of trade transactions between Spain and Mexico using the Waves blockchain. In 2018, he implemented a pilot project to record a $ 150 million syndicated loan on the blockchain..
In the past, BBVA Chairman Francisco Gonzalez Rodriguez said: “Cryptocurrencies are ideal, but currently being used for bad purposes, so you need to be careful with them. Blockchain and distributed ledger technologies are also ideal, they are very powerful tools. But you need to understand cryptocurrencies, especially in those aspects of them where criminal activity is conducted “.
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