Europe’s banking sector is moving faster into crypto after the EU’s MiCA framework created a clearer legal route for digital asset services. Large banks across the region are now offering, or preparing to offer, crypto trading, custody, and investment access, a sharp change from the years when many institutions limited or blocked crypto-related activity.
The shift is most visible on the institutional side. Data cited from Backstories says 9 of Europe’s top 20 banks already provide or plan to provide digital asset custody or trading for institutional clients. Retail access is also starting to expand. BBVA and KBC Group have already opened cryptocurrency access for retail customers, while other traditional financial groups are preparing similar products as demand builds.
MiCA gave banks a defined route into digital assets
According to the report, MiCA took full effect for stablecoins in 2024 and expanded more broadly in 2026. That framework gave banks a regulated path to enter crypto services while adding stronger investor protection requirements. For institutions that had stayed cautious because of regulatory uncertainty and risk concerns, that clarity matters.
The contrast with 2022 is stark. After the collapse of FTX, many traditional financial institutions restricted or blocked digital asset transactions. Risk controls dominated decision-making. That stance is now changing as rules have become clearer and client demand has remained in place.
Euro-backed stablecoin project targets second half of 2026
Bank activity is not limited to trading and custody. Several institutions have also joined a MiCA-compliant euro-backed stablecoin initiative led by Amsterdam-based joint venture Qivalis. The project is scheduled for launch in the second half of 2026.
The consortium includes ING Group, UniCredit, CaixaBank, and Danske. The stablecoin is expected to be pegged 1:1 to the euro, with reserves held partly in bank deposits and partly in short-term government bonds. The report says it will be fully compliant with MiCA and supervised by the Dutch Central Bank.
From post-FTX restrictions to product rollout
The report describes a broader change in how traditional banks view crypto. Regulated infrastructure, stronger custody solutions, and clearer compliance standards have made integration easier for financial institutions. At the same time, client demand has continued, pushing banks to move crypto offerings closer to the core of their product strategy.
That leaves Europe’s banking market in a different place from just a few years ago. Institutional custody, retail access, and a euro stablecoin project are now moving in parallel, showing that MiCA is shaping not only oversight, but also how banks structure their entry into crypto.