Circle’s Patrick Hansen Highlights European Banks’ Crypto Services

Circle senior director of policy and strategy Patrick Hansen stated that over 50 European banks currently offer crypto-related services. He shared this insight in response to the recent guidance from the US Office of the Comptroller of Currency (OCC).

The OCC’s statement revealed that banks can now participate in various crypto services, such as stablecoins and crypto custody. While many view this move as a termination of Operation Chokepoint 2.0, Hansen remarked that US banks lag behind their European counterparts.

According to Hansen, European banks have dedicated the past few years to building the infrastructure and expertise necessary to support the crypto industry, already providing services like trading, staking, custody, stablecoins, payments, and banking.

He noted:
> “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 substantiates Hansen’s claims. A report from the previous year indicated that Europe, including the UK, possesses the most crypto-friendly banks with 55, while Asia has 24 and North America has 23.

Hansen identified several European banks currently providing crypto services, such as BBVA, which recently obtained regulatory approval in Spain to offer clients crypto trading and custody for Bitcoin and Ethereum. Other notable banks offering crypto-related services include Societe Generale, Santander, Standard Chartered, BNP Paribas, and Deutsche Bank.

European Banks with Crypto Services (Source: Patrick Hansen)

Despite some changes in offerings, Hansen pointed out the evolving list of banks. Fidor Bank has ceased operations, whereas SEBA is now called AMINA Bank and no longer serves retail clients. However, new players like Trade Republic in Germany, Bison Bank in Portugal, and Banca Intesa in Italy have emerged in the crypto banking sector.

Experts Say EU Rules Will Lead Crypto-Banking for Years

Hansen believes that while recent shifts in US banking policy could encourage more American banks to adopt crypto, Europe is likely to maintain its lead for several years. He stated that this situation is a rare instance where Europe enjoys a first-mover advantage, with regulations such as the Market in Crypto Assets (MiCA) facilitating this position.

His earlier assertions indicate that the high accessibility to banking for crypto services stems from regulatory clarity in Europe, pointing to multiple EU regulations, including the E-Money Directive 2000, Payment Service Directive 2007, and MiCA in 2024 as essential in creating this clarity.

He remarked:
> “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.”

Nonetheless, improved regulatory clarity in the US may challenge Europe’s hold on this advantage, especially as both regions have taken divergent paths recently. Since President Donald Trump’s administration began in January 2017, the US regulatory landscape has seen significant shifts, including the allowance of crypto and a ban on central bank digital currency (CBDC). Conversely, the European Central Bank (ECB) aims to introduce the digital Euro by October 2025.