Spanish bank BBVA to open a service for storing and exchanging cryptocurrencies

Spanish Banco Bilbao Vizcaya Argentaria (BBVA), the country's second largest bank in terms of assets under management (840 billiondollars), can launch a service for the exchange and storage of cryptocurrencies, reportsCoinDesk citing sources.

According to them, THE BBVA will first provide such services in Switzerland in accordance with the requirements of the Financial Market Supervision Authority (FINMA).One source said that the service will be public, but its registration BBVA intends to hold in the jurisdiction of FINMA:

"There are still some issues related to legal compliance, so this will happennot in December, but I expect them to launch next month."

added that the service is designed to work with cryptocurrencies, not tokenized securities.

Earlier it became known that its ownthe cryptocurrency service is launched by the Swiss subsidiary of Gazprombank. BBVA is expected to integrate an identical custodian solution called SILO.

Another source said the project could be launched closer to Christmas, but also acknowledged the presence of regulatory difficulties:

"The project has to go through several processes to get approval and become a reality."

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