From exchanges to banks: How Spain is reshaping its crypto market

​Spanish banks are becoming increasingly involved in cryptocurrency, with seven major financial institutions backing a newly approved euro stablecoin project. The initiative could strengthen Spain's position in Europe's growing crypto market. But what does this mean for the country's existing crypto exchanges and investors?

Spanish banks take center stage in Europe’s stablecoin push

European banking consortium Qivalis announced last week that it had received authorization from the Dutch central bank as an electronic money institution, bringing it closer to launching a regulated euro-denominated stablecoin. The Amsterdam-based company is backed by 37 banks across 15 countries, with Spain contributing more members than any other participating nation.

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Among the seven Spanish participants are BBVA, CaixaBank, and Banco Sabadell, reflecting the growing interest of established lenders in blockchain-based payments. The planned stablecoin will be pegged to the euro and designed for payments and financial transactions. Its launch is expected in the coming months, subject to the remaining requirements under the EU’s Markets in Crypto-Assets Regulation (MiCA), including publication of a white paper.

“Europe’s currency deserves Europe’s rules – on-chain,” said Qivalis CEO Jan-Oliver Sell, describing the authorization as an important step toward building European digital payment infrastructure.

How Spain's crypto market is changing

Spain already had an established cryptocurrency industry before traditional banks began expanding their involvement. Domestic exchange Bit2Me, founded in 2014, became one of the country's best-known crypto businesses, offering trading, custody, and payment services. International exchanges also developed a presence as interest in Bitcoin and other digital assets grew.

The arrival of banks is changing the competitive landscape. BBVA launched cryptocurrency trading and custody services in Spain under MiCA, while Santander's digital banking subsidiary Openbank has also entered the regulated market. Customers increasingly have the option of accessing digital assets through familiar financial institutions rather than relying exclusively on specialist platforms.

Crypto-native companies are also developing services beyond retail trading. Bit2Me, which secured MiCA authorization in 2025, offers business services, including cryptocurrency custody and stablecoin payments. This reflects a broader shift in which digital assets are being promoted not only as investments but also as tools for corporate transactions.

Yet growing institutional activity does not necessarily mean widespread cryptocurrency ownership. According to the Bank of Spain's household finance survey, 4.4% of Spanish households owned cryptocurrencies at the end of 2024, up from 3.3% in 2022. Although still a relatively small proportion, ownership exceeded participation in certain traditional investments, including directly held fixed-income securities.

MiCA changes the rules for Spain's crypto industry

As banks and exchanges compete for a larger share of Spain's crypto market, they are also navigating a regulatory transition that has already forced companies to reconsider how they operate. The country's transitional period under MiCA ended on June 30, 2026, meaning companies providing covered crypto services generally needed authorization to continue operating from July.

The licensing process has not been straightforward. By July, Spain's securities regulator, the CNMV, had received 77 applications, while 20 entities had obtained authorization. The figures illustrate the scale of the transition as businesses adjust to requirements covering governance, financial resources, risk management, and customer protection.

Regulatory attention is now extending beyond licensing. On October 15, the CNMV opened a public consultation on expanding its investor complaints procedures to include crypto-asset service providers and crowdfunding platforms. The proposal would bring complaints involving these businesses into the regulator's existing framework, with public comments accepted until November 16.

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For larger institutions, these regulatory obligations may be easier to absorb. Smaller exchanges and technology companies face the additional expense of building compliance systems while competing with banks that already have substantial regulatory infrastructure. At the same time, MiCA authorization allows companies to provide services across the EU under a common framework, potentially opening new markets beyond Spain.

Beyond crypto trading: Spain's next financial frontier

Spain's banks are already exploring blockchain applications beyond cryptocurrency trading. On October 15, BBVA and Santander announced a €150 million syndicated financing transaction for energy company Iberdrola, using blockchain infrastructure developed by ioBuilders. The banks described it as the first live syndicated loan to have its entire lifecycle managed through blockchain technology.

The transaction did not involve cryptocurrency, but it illustrates how digital ledger technology is moving into established financial operations. By recording and managing different stages of a loan on a shared platform, banks can potentially reduce administrative work, improve transparency, and simplify coordination between lenders.

Such developments also highlight the different directions Spain's digital asset industry is taking. While banks explore tokenized financial infrastructure and regulated stablecoins, crypto-native companies are expanding their services to businesses. The two sides may increasingly find themselves competing in some areas and collaborating in others, particularly as demand grows for custody, payments, and blockchain-based financial tools.

For Spain's banks, the next challenge is turning these experiments into services that customers and businesses actually use. Regulatory approval and successful blockchain transactions are important steps, but neither guarantees widespread adoption. The real test will be whether the technology makes financial services faster, cheaper, or easier to access.