From irrelevance to a new primavera in one year. The bitcoin rally from September, with an increase of 80% in less than three months, has already been ignored. The technological sector has come to favor you to return to your plans to expand the base of crypto users thanks to the muscles of your banks. The integration of solutions exists, promising the cryptofirms, allowing that the entities…

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From irrelevance to a new primavera in one year. The bitcoin rally from September, with an increase of 80% in less than three months, has already been ignored. The technological sector has come to favor you to return to your plans to expand the base of crypto users thanks to the muscles of your banks. The integration of existing solutions, promising crypto firms, allows many banks to quickly offer solutions for sales and sales of digital activities, including before the entry into force of the new European regulations.

“We need a new change in the market,” he said. CincoDías Anton Langbroek, vice president of sales at Bitpanda Technology Solutions (BTS). And this, of course, is a clear line: “In the first quarter of 2024 we see the first banks in Spain that we offer this service”. This permits you to increase the low penetration of these activities in the Spanish market, most of which is from Germany and Austria, although this technological company is enthusiastic about it.

The context and the integration of solutions of terceros possibility that the bank accelerates on the planes before the puesta in march of the recent European standards on the markets of cryptoactivos (MiCA). Spain has decided to follow the application of the regulations, but it will be due until December 2025. In any case, you must hope for the technical standards that are implemented by the European Securities and Markets Authority (ESMA) and the European Banking Authority (EBA), that there is no consultation process.

“The intention is to offer the product to the financial system that is available to all the necessary infrastructure to provide the solution,” explains José Ángel Fernández, director of innovation at Prosegur Cash. The “white label” solution offered to our customers allows us to reduce the inversion by the bank, although it leaves the gaps of specific knowledge for all banks.

A Prosegur y Bitpanda suman other firms that have offered their integrated properties. Bitstamp, located in Luxembourg, and the Spanish Bit2Me also allows financial institutions and startups to incorporate our solutions.

The commercial offense is in a context of strong flows that require cryptography. In the last few weeks, the total cryptocurrency entry flows amounted to 1,760 million dollars at world level, released by CoinShares. This is the highest registered cipher from October 2021. “One of the arguments that are more important for adopting the scripts is that they have the safety of the bank's food on their external ecosystems. If you integrate the solutions of interchange and custodia cripto, these dinero permanecería del ecosistema de cada banko”, apunta Langbroek.

Costs

One of the prerequisites that are pending are those which will be the transaction commissions for those interested in operating crypto-activities through your bank. All, the future consultations by CincoDías destacan que hay que comparar avec l'ai sucedido con la compra y venda de actions. In the first days of internet banking, the prices are very high and are very low or free. This probably requires the crypto solutions to be maintained at low cost and to have very efficient integrations, to avoid large differences between solutions.

Spain is different

The Spanish merchandise is one of the most avoided by the citizens of fintech y technological companies that can offer their crypto infrastructure to the traditional bank. Although the fantasies of the crisis of FTX and Binance have disappeared, the local bank remains timid and resists (at the moment) entering into the negotiation. “The Spanish market is a little different. We observe that many of the banks in the market are working in digital activities, but they are much more likely to compare with other countries”, according to Langbroek.

In reality, the Spanish bank has been operating for a few years to offer the cryptocurrency service to its clients, and it has been through the desarrollos propios o de terceros. Aunque, in general, all the entities that come to us remain of importance to ensure that they deal with “pruebas puntuales” which do not have the benefit of the laboratory, the future banking institutions consulted recognize that they deal with a negotiation in which they are mercado and interested on the part of the clients You have been prepared to enter into force the regulations that allow you to offer the services with this type of activity. Also interested in blockchain technology.

“Los banks llevamos tiempo trabajando en experimentos de cómo podemos operar with criptos, y MiCA nos da tranquilidad”, explained Santiago Fernández de Lis, responsible for regulation of BBVA, in an interview with CincoDías. Aunque advierte: “It is very important that the users understand the risks and that they are aware that it is not for any investor”.

From now on, the Spanish bank only moves forward to decide on the frontier of financial education. Las local entities han desarrollado distintos contenidos, des de web portales esta vidídeos explicativos para dar acarocer los riesgos y oportunidades de la inversión en criptomonedas. “The explanation and education contribute, without doubt, to the adoption of these solutions,” commented Langbroek.

Contrasts

Our advances in Spain contrast with what happens in other markets in the Eurozone. Raiffeisenlandesbank, one of the largest banks in Austria, more than 125 years old, announced in April that it offered cryptocurrencies to its clients through Bitpanda. Within a few weeks, the Austrian bank confirmed that it hopes to begin offering the service in the first quarter of 2024.

DZ Bank, the second largest German bank with all its activities, also announced that it will operate a digital platform for its users to operate crypto-activities. Italy, Estonia, Lithuania and Switzerland also have bank players who offer solutions for trading and selling bitcoin and other similar coins.

Therefore, the N26 and Revolut neobancos integrate these solutions in many European markets. Although N26 offers the service in six countries, including Portugal, Revolut offers this option in all Europe. In Spain, Revolut started this service in 2022 and is registered in the Bank of Spain registry of cryptocurrency sources, which does not assume that the financial authority of the company's activity. Sin embargo, advise on this web page that “the cryptocurrencies are volatile and are not regulated or protected”.

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