European banks are rapidly expanding their presence in the cryptocurrency market, a trend that has been gathering momentum over the past two years. The European Union's MiCA regulation has provided much-needed clarity for financial institutions seeking to offer crypto services to retail clients.
The first wave of banks to enter the market includes BBVA in Spain, Banco Santander through its digital bank Openbank, and Groupe BPCE in France, which have launched various forms of crypto services. Additionally, Société Générale has focused on institutional custody with its SG-FORGE division.
In Northern Europe, DZ Bank in Germany is developing a retail-focused crypto platform, while ABN AMRO in the Netherlands is positioning itself for potential MiCA licenses. Meanwhile, ING Group already offers indirect exposure to cryptocurrencies through regulated exchange-traded products (ETPs).