Openbank Rolls Out Retail Crypto Trading in Spain Under MiCA
Openbank, the digital bank owned by Spain’s Banco Santander, has introduced a cryptocurrency trading service for retail clients in Spain, expanding a product it recently brought to Germany and planting a largeger flag in Europe’s newly harmonized crypto market.
The launch, delivered inside Openbank’s mobile app and website, offers trading in BTC, ether, litecoin, polygon, and cardano. Pricing begins at 1.49% per transaction (minimum €1) and no custody fee, a structure designed to resemble the all-in headline rates common to neo-brokers. The product is calibrated to the (MiCA) framework, which is phasing in across member states and gives banks and fintechs a single rulebook for offering crypto services to retail investors.
The timing lines up with a strong year for crypto markets. BTC notched fresh all-time highs in ahead October, lifting consumer interest and pushing more trading into bank-owned channels where customers already hold deposits, investments, and cards. That “front-screen” placement matters: a client who is already KYC’d and logs in to check a mutual fund or ETF is more likely to try a €50 test trade than someone asked to open a separate platform account from scratch.
Openbank’s move doesn’t come out of nowhere. Santander’s private bank began to wealthy clients in 2023, giving the group a controlled sandbox to iron out custody, settlement, and disclosures before broadening access. The competitive context has also shifted: BBVA told wealthy clients in June to consider 3–7% crypto sleeves inside diversified portfolios, and Standard Chartered in July opened spot BTC and ether through its UK branch. In short, the debate in European banking has moved from “if” to “how” and “how much.”
MiCA is the other enabler. For years, fragmented national regimes made it hard for banks to build one product and roll it out across borders with consistent marketing, disclosures, and supervision. MiCA’s clarity on licensing and conduct gives compliance and risk teams firmer ground on which to approve , asset lists, and stablecoin treatment. Spain’s supervisor has set a transition through December 2025, allowing prepared firms to go live while the final pieces of the framework settle.
Feature-wise, Openbank’s opening menu is conservative: two large-cap assets (BTC, ETH) plus three liquid, widely listed tokens (LTC, MATIC, ADA). The bank says it plans to add more tokens and enable crypto-to-crypto pairs in the coming months. The large question is when (and how) it will handle stablecoins. MiCA separates “e-money tokens” and “asset-referenced tokens,” with specific reserve and disclosure rules; banks that want retail-friendly cash-like rails must meet those standards or partner with issuers that do.
For consumers, the appeal is convenience and brand trust: a familiar login, a single statement, and the option to move small amounts alongside other investments. For banks, the prize is engagement and incremental fees, balanced against reputational and conduct risk in an asset class prone to sharp swings. Fees at 1.49% are broadly in line with the retail market; the absence of a custody fee removes a common irritant but puts pressure on trading spreads and order-routing quality.
The broader backdrop is that crypto is threading deeper into traditional finance. BBVA’s portfolio guidance gave wealth desks a reference point for small allocations, while for institutions that already run FX and commodity books. Against that, retail banks need to decide whether to offer crypto as an integrated tab next to funds and stocks, or to corral it behind stronger risk prompts and lower daily limits when volatility spikes.
Two things to watch next. First, passporting: MiCA should let Openbank port the identical service into more EU markets later than Spain and Germany, but disclosures, token lists, and marketing lines will still face country-level scrutiny. Second, volatility hygiene: October’s surge and pullbacks tested apps’ uptime, margin logic, and client messaging. Banks that sail through live-fire stress with clear alerts and stable execution will earn stickier flow.
