- BBVA Switzerland’s CEO Alfonso Gómez stated that conventional banks will play a vital role in the success of the cryptocurrency market once the MiCA regulations are enforced.
Alfonso Gómez, CEO of Banco Bilbao Vizcaya Argentaria (BBVA) Switzerland, anticipates a significant influx of major entities entering the cryptocurrency market following the implementation of the Markets in Crypto-Assets (MiCA) Regulation by the European Union (EU) next year. During his remarks at the 7th edition of the “Digital assets: virtual innovation, real impact” forum organized by El Confidencial, he stressed the significant role that traditional banks will play in this forthcoming transition.
BBVA’s Role in the MiCA Transition
Gómez highlighted that BBVA was the first major bank in Europe to offer Bitcoin (BTC) custody and trading services. By doing so, it provided “strength, security, and low counterparty risk” in a crypto market mainly occupied by startups and neobanks.
The CEO noted that their three years of experience in this area, combined with Switzerland’s robust regulatory framework, has made a significant contribution to fostering innovation in digital assets.
“Now more than ever, banks have an essential role to play in consolidating the cryptoasset ecosystem,” Gómez asserted. He also committed that BBVA will remain a pivotal force in the evolution of Finance 2.0. Furthermore, he expressed optimism about their capacity to contribute to a “more advanced society in an economic, and consequently social, context.”
Looking ahead, Gómez mentioned that the bank intends to explore protocols that could act as catalysts to create value in the Web3 sector. He elaborated that their aspirations ultimately aim at “generating greater efficiency, agility, and liquidity” for their private and institutional banking clientele. The executive promised to advocate for the responsible use of technology by promoting education and safety in this emerging field.
Additionally, Gómez assured that their initiatives in the digital assets marketplace would align with the growth of their established portfolio of traditional assets, which is underpinned by over 160 years of banking experience.
BBVA USDC Support
The reassuring statements from BBVA Switzerland come shortly after its expansion of crypto services. Earlier this month, the bank launched its platform for incorporating Circle’s USDC stablecoin.
This move broadens the Swiss bank’s offerings beyond Bitcoin and Ethereum (ETH). Clients can now manage their USDC along with these cryptocurrencies on a unified platform. As with its other digital asset solutions, customers can exchange, store, or automatically convert the stablecoin to fiat currencies like US dollars, euros, and others.
