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The BBVA has just become the first large traditional bank in Allow your customers to operate with cryptocurrencies. I announced this week after receiving the so -called Mica license (Markets in Crypto Assets), the European regulation that It was approved in April 2023. This is apparently good news for the entity, customers and the world of cryptodivisas, but be careful.
Buy Bitcoins as if they were actions. BBVA customers can now access the sale of cryptocurrencies such as Bitcoin or eth (Ethereum) directly from the same app that they already use to operate with their money and financial products. Everything is unified under the same interface, and the bank ensures custody of cryptographic keys to avoid any type of problem in that regard. But there are other potential problems. And very important.
You stew it, you eat it. The BBVA makes clear In its official statement that “the bank will not carry out any advice work and can only be accessed to the service at the initiative of the client.” That is: customers may not receive advice on whether it is a good time to buy or sell or what budget to dedicate to it, for example.
Throwing balls out. It is the client who will have all the responsibility on these operations, and here the bank simply throws balls out. The CEO of CaixaBank, Gonzalo Cortázar, also pointed the same as saying that “the Bitcoin It has volatility That we all know and other cryptocurrencies, too. It is difficult to advise on the fundamentals of Bitcoin. I would not know how to do it and our teams, at this time, either. “The entity at the moment does not offer the option to operate with cryptocurrencies, but does not rule out doing it in the future if their customers demand it.
Mifid is not mica. As they point out In five daysthere is a board of the European Union called Mifid II which tries to protect investors in risk assets. To achieve this, use a simple and direct method: each client who wants to invest must fill in a questionnaire identifying their knowledge, their previous experience and its objectives with the investment. That allows from that data the entity can advise on these risk assets. Mica does not have that requirement for cryptocurrencies.
But there will be notices. Even so, experts cited in five days highlight that theoretically many banks are working on including some type of knowledge evaluation. Thus, theoretically customers will see notices that will allow them Identify the risks of operating with cryptodivisas. BBVA has not confirmed whether they will adopt these processes.
Mica 2 in view. Gloria Hernández Aller, co -founder partner of FinalEg360, commented in that news how the United Kingdom the regulator requires this type of entities that they do make a convenience test to customers before being able to invest in cryptoactive. In fact, it points to that if a Mica 2 appears, “include a convenience test even for the sale of crypts.”
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Caution, Bitcoin Buyer Friend in Banks. From Xataka, our recommendation is to take special precautions when investing in the cryptodivsis market: the volatility of these digital assets remains enormous, and the risk is clearly higher than with investments in traditional markets. Hopefully entities such as BBVA clearly warn of these risks in these processes.
In revolut or bit2me you have to pass a small test. These two entities have long allowed cryptocurrency to operate, but as they point out in five days, both force the user for processes that help these users understand the risks. In Revolut the user must select among various options and answer some questions. According to the answers, some users can see access to more complex products restricted. In bit2me Customers must undergo an suitability test before they can start operating.
Image | BBVA
In Xataka | Cryptocurrencies were supposed to “become” independent “from the power of states. The US has just killed him
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Xataka
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Javier Pastor
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