Banco Santander SA, one of the largest banks in Europe and Spain, is reportedly considering introducing its own Stablecoin. The bank also plans to give its digital banking division OpenBank, which can provide crypto services to retail customers.
According to Bloomberg Report Starting from May 29, the online department of the Spanish Bank has applied for a license to operate these services under the crypto assets (MICA) regulations of the EU market.
Euro and US dollar stablecoins for retail customers
While the Santanders have not officially commented on the report, Bloomberg sources reportedly suggest that the bank is evaluating a launch dominated by the euro and the dollar, according to reports Stable. This may involve creating your own stablecoin or facilitating access to existing ones.
Santander’s OpenBank serves customers in various European countries and is ready to launch these crypto services this year, depending on the necessary Regulatory approvalaccording to Bloomberg.
The move comes after Santander’s Spanish rival BBVA SA announced in March that it intends to provide cryptocurrency services after approval by Spanish regulator CNMV.
BBVA has already provided similar services in Switzerland and Türkiye, allowing customers to buy, sell and manage trade Through its applications in Bitcoin (BTC) and Ethereum (ETH).
How BBVA aims to guide clients of crypto assets
Gonzalo Rodríguez, head of retail banking in Spain, highlighted the bank’s commitment to making cryptocurrency investment accessible, noting: “Our goal is to guide them in exploring this new area of digital assets and the solvency and security assurance provided by banks such as BBVA.”
Mica regulations aim to coordinate current fragmented Regulatory landscape 27 member states throughout the EU (EU).
By establishing a comprehensive framework, EU markets in crypto assets are shaping the way major digital market players operate within one of the world’s largest economic regions.
The regulations allow banks, investment companies and other financial institutions to engage in cryptocurrency activities as long as they have the necessary authorization under the market under the Financial Instrument Directive (MIFID) II.
Donald Trump has increasingly changed his previous vision for digital assets and Bitcoin, including the establishment of strategic crypto protection zones, following a growing support for U.S. legislation led by U.S. President Donald Trump.
Therefore, Bitcoin has reached New record high At $111,800 last week, analysts and investors vowed to make greater gains in the coming months.
As a result, the cryptocurrency market cap hit a new high of $3.5 trillion last week, and investors are now flocking to their earnings, which are now $3.3 trillion.
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