Openbank Crypto: Santander’s Digital Bank Seeks License
- Santander is weighing the possibility of introducing a stablecoin and granting its digital bank's retail customers access to cryptocurrencies.
- Openbank, Santander's online banking arm, has reportedly applied for licenses to provide these services under the European Union's Markets in Crypto-Assets (MiCA) regulation, according to Bloomberg, citing unnamed...
- The bank is considering both euro- and dollar-denominated stablecoins, potentially creating its own or offering access to an existing one.
Santander’s Openbank eyes a major leap: the digital bank is seeking licenses to offer both stablecoins and cryptocurrency access to its retail customers. This strategic move, influenced by the EU’s Markets in Crypto-Assets (MiCA) regulation, positions Openbank alongside other Spanish banking giants like BBVA, which already offer similar services. Openbank’s plans include exploring euro and dollar-denominated stablecoins, potentially launching its own or granting access to existing ones. With regulatory approvals,crypto services could roll out as early as this year. This news, covered by News Directory 3, highlights the evolving landscape of digital assets. Discover what’s next for Santander and its crypto ambitions.
Santander Considers Stablecoin, Crypto access for Retail Clients
Updated May 29, 2025
Santander is weighing the possibility of introducing a stablecoin and granting its digital bank’s retail customers access to cryptocurrencies. The move comes as other Spanish banks explore similar ventures in the digital asset space.
Openbank, Santander’s online banking arm, has reportedly applied for licenses to provide these services under the European Union’s Markets in Crypto-Assets (MiCA) regulation, according to Bloomberg, citing unnamed sources. Santander has not yet responded to requests for comment.
The bank is considering both euro- and dollar-denominated stablecoins, potentially creating its own or offering access to an existing one. Openbank, which operates across several European nations, could potentially roll out crypto services as early as this year, pending regulatory approvals.
BBVA, another Spanish bank, announced in March its plans to offer crypto services following approval from Spanish regulators. BBVA already provides similar services in Switzerland and Turkey.
in March, when announcing approval from the Spanish Securities and Exchange Commission (CNMV) to provide custody and execution services for crypto assets trading orders, BBVA said it would enable customers to buy, sell, and manage bitcoin and ether transactions via its app.
“We want to make it easier for our customers to invest in crypto assets with a simple,accessible offering available directly from their mobile phones,in a fully digital manner,” said Gonzalo Rodríguez,BBVA’s head of retail banking in Spain,in a press release. “Our goal is to guide them as they explore this new segment of digital assets,backed by the solvency and security assurances provided by a bank like BBVA.”
The EU’s MiCA regulation aims to standardize crypto regulation across its 27 member states, impacting major crypto companies operating within the region. MiCA allows banks, investment firms, and other financial institutions to participate in crypto-market activities, provided they are authorized under the Markets in Financial Instruments Directive (MiFID) II.
What’s next
As Santander navigates regulatory approvals, the potential introduction of stablecoin and cryptocurrency access could mark a meaningful step in the bank’s digital strategy, aligning with broader trends in the financial industry toward embracing digital assets.