European banks have been moving forward with offering crypto-related services, according to a statement from the Senior director of policy and strategy at Circle, Patrick Hansen. The Circle executive shared this information while reacting to the recent statement by the US Office of the Comptroller of Currency (OCC).
The OCC released a statement recently saying that banks are now allowed to carry out crypto services, including the use of Stablecoins and digital assets custody services. While many have welcomed the new directive, Hansen noted that US banks are still behind their European counterparts.
“Europe’s banks—including multiple G-SIBs (Global Systemically Important Banks)—have spent years building infrastructure, developing expertise, and securing regulatory approvals,” he said.
According to data from Coincub, Hansen’s statement was correct, with a recent report noting that Europe had the most crypto-friendly banks, with 55, while Asia came in second with 24, while North America had 23. Hansen also highlighted the banks issuing these services, including BBVA, which recently got regulatory approval in Spain to offer its clients crypto trading and custody of Bitcoin and Ethereum.
Experts say European Union rules will help firms in Europe
While the recent changes made in the US may help them push forward in the crypto industry, Hansen believes that they may have a hard time catching up with their European counterparts. He added that the new Markets in Crypto-Assets (MiCA) regulation provides a chance for Europe to cement its position at the top.
“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,” Hansen added.
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.