Company: BBVXF
Filing Date: 2025-03-21
Form Type: 6-K
Source: 0000842180-25-000016
Chunk: 191

Company: BANCO BILBAO VIZCAYA ARGENTARIA, S.A.
Filing Date: 2025-03-21
Form: 6-K
Chunk 191
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 the definition of a cryptoasset as set out in Regulation (EU) 2023/1114 on markets in crypto-asset (hereinafter, MiCA). According to this Regulation, a crypto-asset is a digital representation of a value or of a right that is able to be transferred and stored electronically using distributed ledger technology or similar technology.

BBVA adheres to various regulatory frameworks for its crypto-assets offering, including MiCA in the European Union, which sets standards for the issuance and the provision of crypto-assets services as well as a framework for crypto-asset service providers. Also for the European Union, under the aforementioned CRR3, a transitional prudential framework for credit institutions' exposure to crypto-assets is in place, effective from July 9, 2024, until Basel standards are formally transposed in Europe. Draft RTS for this transitional treatment were published on January 8, 2025, and the final version of the ITS on reporting and disclosure were published in late 2024. BBVA applies the Swiss regulatory standards under FINMA supervision for its custody and trading services in Switzerland, while in Turkey, compliance is aligned with Capital Market Law No. 7518, which

mandates licensing for crypto-asset service providers. This Law defines crypto-assets and establishes that Virtual Assets Service Providers (VASPs) must request a license from the Capital Markets Board (CMB).

As of December 31, 2024, BBVA Switzerland offers services that enable custody and administration, execution of orders and transfers of crypto-assets on behalf of its customers. This subsidiary doesn’t hold any position as fees are managed and paid by its order execution provider.

In Turkey, Garanti BBVA Kripto Varlık Alım Satım Platformu A.Ş (Garanti BBVA Kripto) operates a trading platform and provides custody and administration and transfers of crypto-assets on behalf of its customers. To enable these services, these subsidiaries need to handle a proprietary cryptoasset position for the following activities:

• Settlement of net traded volumes between the subsidiary liquidity providers and custody accounts to mitigate counterparty risk and maintain segregation of our customer crypto-assets.

• Pay network fees for the aforementioned settlements and customers’ outgoing transfers, as well as to advance customer withdrawals for unsettled funds.

The following table represents the amount of exposure to crypto-assets derived from these services and activities:

| Table 86.EU CAE1 - Exposures to crypto-assets(Million Euros. 12-31-2024) |

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