BBVA has advised its wealthy clients to allocate a portion of their investment portfolios to crypto assets.
According to a Reuters report on Tuesday, BBVA told its wealthy clients that, depending on their risk preferences, they could allocate 3% to 7% of their portfolios to cryptocurrencies and Bitcoin (BTC), citing a company executive.
"For private clients, we started advising on Bitcoin since last September," said Philippe Meyer, head of digital and blockchain solutions at BBVA's Swiss branch, at a conference in London. He added that for portfolios with a higher risk appetite, the allocation percentage has now been increased.
Meyer noted that clients have responded positively to the bank's advice and dismissed concerns about the asset's high risk. He emphasized, "If you analyze a balanced portfolio, introducing a 3% allocation can already enhance performance. A 3% allocation does not pose a significant risk."
BBVA's move comes amid ongoing warnings from EU regulators and the European Central Bank about the risks of crypto assets, while data from the European Securities and Markets Authority (ESMA) shows that 95% of EU banks are still avoiding participation in crypto asset activities.
BBVA has been executing crypto trading since 2021 and plans to shift to a more active advisory role by the end of 2024, leading the way among most traditional banks.
In March of this year, Spain's securities regulator allowed the bank to offer Bitcoin and Ethereum (ETH) trading services domestically.
BBVA's crypto services were initially rolled out in phases to select clients and will enable users to buy, sell, and manage digital assets through its mobile app in the coming months.
As BBVA expands its crypto business, the European Market in Crypto-Assets (MiCA) regulation will be fully implemented by the end of 2024.
EU crypto companies have an 18-month transition period and will not need to fully comply with its stringent requirements until July 2026.
Other banks offering specific crypto trading include Santander, which is considering issuing its own stablecoin and expanding retail crypto services.
According to a report from May, the bank is considering offering stablecoins pegged to the US dollar and the euro.
Related: JPMorgan meets with SEC to discuss on-chain issues in capital markets
Original article: “Spanish BBVA Bank Advises Clients to Allocate 7% to Crypto Assets”
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
