Cryptocurrency in Spain: A Growing Trend
Introduction
Spanish cryptocurrency company Bitnovo conducted research to understand how Spanish citizens see the growth of cryptocurrency in the country.
Cryptocurrency Adoption in Spain
Cryptocurrency adoption in Spain is rapidly increasing. According to data provided by Statista, Spain ranks 22nd globally in cryptocurrency adoption, with 15% of the population compared to 10% in 2019.
Motivations for Buying Cryptocurrencies
The research showed that 60.7% of Spanish citizens are motivated to buy cryptocurrencies for long-term investments, 35.7% for making payments, 21.4% for short-term speculation, and 17.9% for buying cryptocurrencies out of curiosity.
Cryptocurrency as a Payment Method
Bitnovo has realized that cryptocurrency has become a popular payment method. The report found that 1.4% make payments with credit or debit cards, 50% with cryptocurrency, 39.3% with Bizum, and 35.7% with bank transfers. The report shows that cryptocurrency is the second most used payment method in the country.
Motive behind Cryptocurrency Purchases
The report prepared by the company attempted to understand the motive behind cryptocurrency purchases. The report indicated that 60.7% of people in Spain are motivated to buy cryptocurrency for long-term investments, 35.7% for making payments, 21.4% for short-term speculation, and 17.9% for buying cryptocurrency out of curiosity.
Cryptocurrency as a Long-Term Investment Asset
The research concluded that most Spaniards see cryptocurrency as a long-term investment asset for savings.
Crypto Regulations in Spain
The cryptocurrency regulatory landscape in Spain remains green. There is a lack of internal AML and finance regulations for the crypto industry.
If there is an issue with AML issues, the European MiCA regulations should apply. If a cryptocurrency is defined as a security, it will fall under the jurisdiction of the financial regulator known as CNMV.
Crypto Regulations in Spain
The cryptocurrency regulatory landscape in Spain remains green. There is a lack of internal AML and finance regulations for the crypto industry.
If there is an issue with AML issues, the European MiCA regulations should apply. If a cryptocurrency is defined as a security, it will fall under the jurisdiction of the financial regulator known as CNMV.