Santander’s Crypto Ambitions: Spain’s Top Bank To Present Stablecoin
Banco Santander SA, among the biggest banks in Europe and Spain, is reportedly thinking about presenting its own stablecoin. The bank likewise plans to provide its digital banking arm, Openbank, the ability to offer crypto services to retail customers. According to a Bloomberg report from May 29, the Spanish bank’s online system has gotten…
Banco Santander SA, one of the largest banks in Europe and Spain, is reportedly thinking about introducing its own stablecoin. The bank likewise plans to give its digital banking arm, Openbank, the ability to use crypto services to retail customers. According to a Bloomberg report from Might 29, the Spanish bank’s online unit has actually made an application for licenses to operate these services under the European Union’s Markets in Crypto-Assets (MiCA) regulation. Euro And Dollar Stablecoins For Retail Clients While Santander has not formally talked about the report, Bloomberg sources reportedly show that the bank is examining the launch of euro- and dollar-denominated stablecoins. This might include creating its own stablecoin or facilitating access to existing ones. Santander’s Openbank, which serves clients across multiple European nations, is poised to launch these crypto services as early as this year, contingent on acquiring the needed regulative approvals, according to Bloomberg. This move comes as Santander’s Spanish competitor, BBVA SA, announced in March its intent to use cryptocurrency services following approval from Spain’s regulatory authority, the CNMV. BBVA has actually already been supplying comparable services in Switzerland and Turkey, enabling consumers to buy, offer, and handle transactions in Bitcoin (BTC) and Ethereum (ETH) through their app. How BBVA Objectives To Guide Consumers In Crypto Assets Gonzalo Rodríguez, BBVA’s head of retail banking in Spain, stressed the bank’s commitment to making cryptocurrency financial investment accessible, specifying, “Our goal is to guide them as they explore this new sector of digital assets, backed by the solvency and security guarantees provided by a bank like BBVA.” The MiCA regulation aims to balance the currently fragmented regulatory landscape across the European Union’s (EU) 27 member states. By developing a comprehensive framework, the European Union’s Markets in Crypto-Assets is shaping how significant digital market participants operate within one of the world’s largest economic areas. The regulation allows banks, investment firms, and other financial institutions to engage in cryptocurrency activities, provided they have the necessary authorization under the Markets in Financial Instruments Directive (MiFID) II. Such a move comes in the wake of growing legislative support in the United States led by President Donald Trump, who has gradually shifted its previous stance on digital assets and Bitcoin with significant announcements, including the establishment of a Strategic Crypto Reserve. As such, Bitcoin reached a new record high of $111,800 last week, with investors and analysts anticipating even higher gains in the coming months. The total crypto market capitalization reached a new high of $3.5 trillion last week, now standing at $3.3 trillion as investors flock to cash out their gains. Included image from DALL-E, chart from TradingView.com
The bank also prepares to give its digital banking arm, Openbank, the capability to provide crypto services to retail customers. According to a Bloomberg report from May 29, the Spanish bank’s online unit has applied for licenses to operate these services under the European Union’s Markets in Crypto-Assets (MiCA) regulation. The regulation allows banks, investment firms, and other financial institutions to engage in cryptocurrency activities, provided they have the necessary permission under the Markets in Financial Instruments Directive (MiFID) II.
