Spanish bank BBVA has teamed up with Singapore's SGX FX to introduce retail crypto trading in Europe, a groundbreaking move for the region. The service will initially focus on Bitcoin (BTC) and Ethereum (ETH), enabling 24/7 trading through the same framework used for foreign exchange, according to announcements made on Thursday.
SGX FX, with over 25 years of experience in global FX markets, provides aggregation, pricing, distribution, and risk-management tools across key data centers in London, New York, Tokyo, and Singapore. Vinay Trivedi, COO of SGX FX Sell-side Solutions, highlighted, "By tightly integrating digital assets into our existing FX offering, we enable banks like BBVA to move quickly, launch seamlessly, and serve growing client demand – all without the need for a full stack replacement."
The partnership leverages the European Union's Markets in Crypto-Assets (MiCA) regulation, which paves the way for regulated firms to offer crypto services. Luis Martins, Global Head of Macro Trading at BBVA, noted, "Digital assets are rapidly becoming an integral part of the global finance system. It’s natural that our customers want to trade these assets using the same trusted system." While regulatory confirmation from Spain's CNMV is awaited, this initiative aims to enhance accessibility, increase market liquidity, and align with evolving compliance standards.