Over 50 banks in Europe provide crypto-related services while US firms struggle

Circle senior director of policy and strategy Patrick Hansen said over 50 European banks already offer crypto-related services. The Circle Executive shared this fact while reacting to the recent guidance by the US Office of the Comptroller of Currency (OCC).

The OCC recently released a statement saying that banks can now engage in some crypto services, including stablecoins and crypto custody. While many have welcomed the move as an end to Operation Chokepoint 2.0, Hansen noted that US banks are behind their European counterpart.

According to Hansen, European banks have spent the past few years building their infrastructure and expertise to serve the crypto industry and they already offer trading, staking, custody, stablecoins, payments, and banking.

He said:

“Europe’s banks—including multiple G-SIBs (Global Systemically Important Banks)—have spent years building infrastructure, developing expertise, and securing regulatory approvals.”

Data from Coincub supports Hansen’s statement. According to a report released last year, Europe, including the UK, had the most crypto-friendly banks, with 55. Asia had 24, while North America had 23.

Hansen also listed several European banks that are already offering crypto services. These include BBVA, which recently got regulatory approval in Spain to offer its clients crypto trading and custody of  Bitcoin and Ethereum.

Several notable banks, including Societe Generale, Santander, Standard Chartered, BNP Paribas, and Deutsche Bank, also offer crypto-related services.

However, the Circle executive noted that there have been some changes to that list. Fidor Bank has already stopped operating, while SEBA is now known as AMINA Bank and no longer serves retail. Still, new banks offering crypto services have also emerged in Europe. These include Trade Republic in Germany, Bison Bank in Portugal, and Banca Intesa in Italy.

Experts say EU rules responsible for Europe will lead crypto-banking for years

While the recent changes in US banking policy could lead to more US banks embracing crypto, Hansen expects Europe will remain ahead for some years. He noted that this is one of the few cases where Europe has a first-mover advantage and the Market in Crypto Assets (MiCA) regulations provide a chance to cement that position.

This view aligns with Hansen’s earlier opinion, in which he attributed the high level of access to banking for crypto services to regulatory clarity in the region. He cited several EU regulations, including the E-Money Directive 2000, the Payment Service Directive 2007, and the MiCA in 2024, as contributing to this clarity.

He wrote:

“It is not because European banks are more risk-taking or innovative, but rather because EU regulations in payments and crypto are creating legal clarity, and, importantly, actively encouraging, not curtailing, competition and innovation in payments.”

However, the improved regulatory clarity in the US could cause Europe to lose this advantage, especially as both regions move in different directions more recently

Since President Donald Trump’s administration began on January 20, there have been sizable changes in the US regulatory approach including allowing crypto and banning central bank digital currency (CBDC). On its part, the European Central Bank (ECB) wants to introduce the digital Euro by October 2025.

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