One of Spain’s largest banks, Banco Santander, is planning to introduce cryptocurrency and stablecoin services through its digital banking arm, Openbank. According to recent reports, Openbank has applied for regulatory approval under the European Union’s new Markets in Crypto-Assets (MiCA) framework, which officially takes effect in 2025.
Openbank already operates in several European countries, including Spain, Portugal, the Netherlands, and Germany. If approved, this move would allow Santander to offer crypto trading services to retail customers. It would mark a significant step into the digital asset space by a traditional European bank, giving millions of customers access to digital assets through a trusted banking platform.
Santander to Create its Stablecoin
The bank is also reportedly exploring the creation of its own stablecoins. These digital tokens would be backed by traditional currencies such as the euro or U.S. dollar, allowing users to enjoy the speed and flexibility of crypto while avoiding extreme price fluctuations.
Stablecoins are a type of cryptocurrency designed to hold a steady value. Unlike Bitcoin or Ethereum, whose prices can rise or fall quickly, stablecoins are tied to traditional assets like the U.S. dollar or euro.
This makes them useful for everyday payments, savings, and transfers without the fear of big price swings. By exploring stablecoins, Santander is responding to growing interest from customers who want the benefits of digital money, like fast transactions and lower fees, without the risk of volatility.
Santander’s Move Amid Growing Crypto Regulations
Santander’s push into crypto and stablecoins shows how traditional banks are adapting to new technology. With EU-wide rules under MiCA offering clear legal guidance, more banks across Europe are expected to follow suit.
For now, Santander is waiting for approval, but its move signals that digital assets are becoming a permanent part of mainstream finance. If successful, it could lead to broader crypto access for everyday users, right from their regular banking app.
While Santander pushes ahead with its crypto plans in the EU, the UK is also stepping up its regulation of digital assets. The Financial Conduct Authority (FCA) has unveiled new proposals focused on stablecoins, crypto custody, and financial safeguards for crypto firms.
The aim is to build a safer and more competitive crypto environment, signaling how regulators across Europe are getting serious about shaping the future of digital finance.
