Spanish institutional custodian Cecabank is expanding its regulated crypto-asset custody services to Luxembourg through the Markets in Crypto-Assets (MiCA) European passporting process, approximately 18 months after opening its branch in the country.
Cecabank became the first Spanish B2B custodian to secure a MiCA license in 2025. While its commercial crypto custody service launched in May 2026, the license does not automatically apply across borders. The bank has initiated the passporting process to extend regulatory coverage to Luxembourg, Ireland, and Portugal.
The bank operates as a B2B infrastructure provider, enabling client banks and financial institutions to hold crypto assets, execute orders, and perform transfers without building proprietary technology systems. CEO Ainhoa Jáuregui stated that institutional clients will gain access to digital currencies, stablecoins, and tokenized assets with the same security and compliance standards as traditional financial instruments.
Dual Infrastructure Strategy
Cecabank's approach relies on two complementary systems. The first is a pan-European, Luxembourg-based distributed ledger technology network designed for regulated institutions to register and trade tokenized assets. Cecabank is a founding member and the first Spanish institution to participate.
The second initiative involves a banking consortium of 37 financial institutions developing a 1:1 euro-backed stablecoin for onchain payments and settlement. The project is awaiting electronic money institution authorization from the Dutch central bank, with a commercial launch targeted for the second half of 2026.
Cecabank also participated in Spain's first interbank trial of tokenized deposits in July 2026, testing mechanisms to automate asset settlement while maintaining direct claims on the bank's balance sheet. Brenda Bol, Cecabank's country head in Luxembourg, noted that the bank's Luxembourg operations have validated the expansion strategy.
With representation on the board of the Luxembourg Bankers' Association, Cecabank's next operational priority is completing its MiCA passporting process to deliver digital asset services to local institutions.
