Tokenisation, regulation and partnerships: the new roadmap for scaling up in the crypto industry

The digital asset industry is at a turning point: the entry into force of MiCA in Europe, the rise of stablecoins and the tokenisation of assets are opening up a range of opportunities while posing operational and regulatory challenges. According to the Annual Economic Report 2025, the Bank for International Settlements (BIS) suggests that tokenisation could become the backbone of a new generation of monetary systems. This model would be based on digitised deposits and public debt.

In this context, BBVA stands out as a key player. The bank is a leader in the integration of digital assets in Europe. It was the first traditional financial institution in the Eurozone to launch cryptocurrency trading and custody services in Switzerland, and in March 2025 it obtained the MiCA authorisation in Spain to operate under the new European regulatory framework.

"At BBVA, we are in a strong position to bridge the gap between traditional finance and the crypto ecosystem," said Alicia Pertusa, Head of Innovation and Product Acceleration at BBVA, during the 'Beyond Hype: Crypto Meets Banking at BBVA' meeting. The event, held at the Group's headquarters in Madrid, was an opportunity to analyse the factors driving the growth of companies in this industry. "We are entering the era of tokenisation: it is a change that will transform the way banks offer services," added Samuel Martínez, Senior Manager of Digital Assets at BBVA.

In this scenario, BBVA Spark, as a strategic partner of high-growth tech companies, is strengthening its role as a natural bridge between banking and sectors such as the crypto ecosystem. It does so through a tailored value proposition, designed to understand and respond quickly to the needs of these types of companies. An example of this is the €1m deal signed in 2024 with Bit2Me. "BBVA Spark was created to accompany innovative, high-growth companies with potential from the initial phase to their expansion, and today we are here to demonstrate that collaboration between banking and the crypto industry is possible," said Fernando Galea, Growth Banker at BBVA Spark.

The new map of crypto growth: regulation, alliances and vision

Galea moderated a panel discussion to explore how to scale in the crypto sector. This is an industry that integrates a strong technological component, global growth expectations and constant adaptation to the creation of new regulations and regulatory frameworks. The session was attended by Andrei Manuel, founder of Bit2Me, a Spanish platform specialising in crypto trading and custody with training services and solutions for companies; Catriona Wingate, director of banking in Europe, Asia and the Pacific at global fintech payments company BVNK, which connects the crypto ecosystem with the traditional financial system; and Kaushik Sthankiya, director of banking at Kraken, a global cryptocurrency exchange platform.

Andrei Manuel, from Bit2Me, and Kaushik Sthankiya, from Kraken, agreed that the key to expanding is to "stop focusing on market enthusiasm and build a solid product under a regulated framework". For her part, Catriona Wingate of BVNK explains her strategy: "We built our product as if regulation already existed. We obtained the licences and designed with compliance always in mind to ensure we were fully prepared for when regulations came into force."

Along this path, one of the challenges highlighted by Wingate is the fragmentation between the fiat and crypto ecosystems, which hinders interoperability. This challenge can become a strategic opportunity: integrating both worlds will allow for the creation of more efficient and secure solutions. "It is essential to unify them, because fiat money is not going to disappear anytime soon, and the real opportunity lies in connecting both worlds effectively," she says. Consultancies such as BCG estimate that the tokenisation of financial assets could reach $16 trillion by 2030. This anticipates a scenario where both worlds are not only connected, but integrated into programmable and secure platforms.

Trust and collaboration: keys to moving forward

But the complexity of scaling in the crypto industry is not limited to infrastructure: it also affects trust. "A big part of my job is helping financial institutions feel comfortable with what we do, showing them how blockchain analysis allows us to make informed, transparent and secure decisions," said Wingate of BVNK.

This relationship also includes banks as a cornerstone for progress: "It's about creating a two-way relationship. Companies like Kraken can help banks not only launch their own stablecoin, but also list it on their platform and offer crypto trading services under their own brand," said Kaushik. "Today, most are open to collaboration, and that represents a major step forward for the industry," said Andrei Manuel of Bit2Me.

A future marked by interoperability

The vision shared by industry leaders points to a scenario where tokenisation and interoperability between traditional and crypto systems will be the norm. In his view, Andrei Manuel concludes: "I am completely confident that in the next ten years, banks will launch a unified wallet — regulated, secure and capable of holding cryptocurrencies, stocks and real assets — enabling instant global transfers." Kaushik, from Kraken, is also clear about this scenario: "The question is not whether it will happen, but on which platform and under what security and compliance standards."

The vision and projections of these leaders point to a convergence between digital assets and traditional financial products, within a regulated and secure framework. The key will be collaboration: banks providing trust, experience and regulatory soundness, and crypto companies offering agility and innovation.

Given this reality, institutions such as BBVA are not only called upon to accompany high-growth companies, but also to promote integration between two worlds that, far from competing, are destined to complement each other.