Cecabank Enhances Crypto Custody Capabilities
Cecabank, a prominent Spanish custodian focused on institutional clients, is enhancing its crypto custody capabilities by targeting Luxembourg through the European Markets in Crypto-Assets (MiCA) regulatory framework. The bank is seeking to broaden its services in the Grand Duchy about a year and a half after establishing its local branch.
MiCA License and Passporting Process
In 2025, Cecabank became the first Spanish business-to-business custodian to obtain a MiCA license, although this license doesn’t extend automatically to other jurisdictions. To overcome this limitation, the institution has embarked on the MiCA passporting process, which aims to secure regulatory authorization in Luxembourg, as well as in Ireland and Portugal.
Ainhoa Jáuregui, the CEO of Cecabank, remarked, “At Cecabank, we are building a bridge between traditional financial infrastructure and the emerging tokenized economy,” indicating that their institutional clients will soon have the opportunity to engage with digital currencies and tokenized assets under the same rigorous security protocols that safeguard traditional financial instruments.
Business Infrastructure and Technological Framework
Cecabank primarily serves as a business infrastructure facilitator for financial institutions and banks, enabling them to hold various crypto assets and process transactions without needing to develop their own technological frameworks. The bank’s approach hinges on two integrated systems:
- The first is a European-wide distributed ledger technology (DLT) network based in Luxembourg, dedicated to regulated entities for the registration and trading of tokenized assets; Cecabank is not only a founding member but also the first Spanish institution to join this network.
- The second pillar of Cecabank’s strategy involves a collaboration with 37 banks to develop a euro-backed stablecoin intended for on-chain payments and settlement. Authorization for this electronic money institution is currently pending with the Dutch central bank, and the stablecoin is expected to launch commercially by late 2026.
Involvement in Tokenized Deposits
Furthermore, Cecabank took part in Spain’s inaugural interbank trial for tokenized deposits in July 2026, which aimed to explore ways to automate the settlement of assets while maintaining direct claims on the bank’s balance sheet.
Brenda Bol, head of Cecabank in Luxembourg, confidently stated, “Eighteen months after our branch opened, we can say with confidence that it was the right decision,” highlighting the positive impact of their Luxembourg operations.
Future Priorities
Cecabank is also positioned prominently within the Luxembourg banking sector, being part of the Luxembourg Bankers’ Association (ABBL) board. Finalizing the MiCA passporting process to enable operational digital asset services for local clients is now a top priority for the bank.
