Crypto in Spain

Cryptocurrencies are legal in Spain. In 2020, the Spanish government enacted a law that requires individuals and businesses to disclose their cryptocurrency holdings and transactions. The law also established new rules for cryptocurrency exchanges and wallet providers.

It's worth noting that the use of cryptocurrencies is subject to various regulations and restrictions in Spain. For example, the Spanish tax authority considers cryptocurrencies as taxable assets, and individuals and businesses are required to declare and pay taxes on their cryptocurrency gains. 

Gains obtained when selling cryptocurrencies are subject to a capital gains tax ranging from 19% to 23%. 

Additionally, the Spanish government has warned about the risks associated with cryptocurrencies and has urged investors to exercise caution when investing in these assets. 

Stats on use of crypto in Spain 

A 2022 report by Spain’s financial regulator, the CNMV, found that 75% of Spaniards have heard of cryptocurrencies and 6.8% had invested in them. The most popular cryptocurrencies among Spanish investors were Bitcoin, Ethereum, and Ripple.

Most crypto investors in Spain are young, well-educated, and earn high salaries. 36% of crypto investors in the above survey were aged between 35 and 44. Just over 43% of them had college degrees, and 41% were earning over 3,000 euros a month.   

Spain offers the highest number of real estate properties that you can buy using digital assets. As of March 2023, almost 300 homes were listed. However, the country ranks sixth where the property price is concerned. On average, a property in Spain costs 75 Bitcoin. In comparison, a property in Thailand costs 96 Bitcoin. Thailand has the second-highest number of listed real estate properties. 

Top crypto and blockchain projects from Spain 

The final section presents several notable Spanish crypto and blockchain projects. 

Phenom Company

The list starts with Phenom, who offer integrated crypto storage and protection. This includes secure holding in cold wallets with protection on several levels throughout the wallets’ lifecycle. The company has custom, proprietary software and makes use of modules for hardware security.

Phenom works with financial institutions that offer their clients custody services. They specialize in solutions for platforms holding large volumes of digital assets. 

Humcoin

Humcoin was created based on cutting-edge tools to make better decisions and improve fund tracing. It offers technologies for strategic and sustainable investments. They connect implementers and traders through a marketplace using a portfolio-based approach to ensure successful cooperation.

Humcoin is distinguished by its blockchain-based approach to improve investment tracking and tracing and make cooperative project financing possible. Risks are reduced as several entities fund projects. 

Seacoast

Seacoast is a Spanish crypto project digitalizing the nautical sector and all its aspects: the sea, boats, water sports, beach, villas, etc. It introduced its native token COAST in the fall of last year and has previously launched three highly successful applications: PaperBoat, PortView, and ShoreView. 

Seacoast has made its mark on the nautical industry, which has been slow to catch up with the technological advances in other sectors. The project creators are on a mission to generate an economy for the coastal and nautical sector and let people enjoy their seaside holidays at the same time. 

Atraura Blockchain 

Atraura is a blockchain company known for its highly innovative projects. They develop and maintain sustainable, blockchain-based apps and offer training and solutions to end users. They specialize in creating custom, decentralized solutions targeting practical applications, but this is not at the expense of their core benefit: education in blockchain theory. 

Bnext

Bnext was founded by Guillermo Vicandic and Juan Rullán in 2016 with the aim to give people more control over their finances. At the time, the idea of ordinary users having full decision-making power in this regard was very novel. Most people relied on banks and other financial institutions to handle their funds without questioning their judgment and actions. 

Bnext quickly became a leader in the burgeoning Spanish fintech sector, mainly thanks to the security and intuitiveness of their solutions. Hundreds of thousands of people are active on the platform. In the fall of 2022, Bnext introduced its native token B3X on leading exchanges like Gate.io. 

The platform also has perks for users, like refunds on commission fees for international money transfers and money back on crypto sales and purchases. The latter refunds can be up to half of the commission. Holders of the Bnext card can get twice as many refunds. 

Kolokium Blockchain Technologies SL

Kolokium is a blockchain-focused computer engineering firm. Its main activity involves assisting other crypto platforms in managing their networks. They do this by providing technical know-how, securing suitable code for different apps, minimizing the period needed to implement business uses, and enabling the development of smart contracts and apps based on the Ethereum Mainnet and other blockchains. 

GFT Technologies SE 

GFT is not strictly a blockchain and crypto firm, but it boasts in-depth sector knowledge, which allows it to consult world-leading banks and create customized IT solutions. These include deploying and supporting digital platforms, trading systems, and financial apps. Modernization of traditional finance is at focus. 

The company’s team also works on innovative business models impacting AI, the blockchain, cloud engineering, and IoT. 

Final thoughts 

According to a 2022 survey by the CNMV, 90% of crypto users reported seeking information about investment risks. Despite this, the regulator was alarmed about overall ignorance of the risks. They announced restrictions on crypto ads in January 2022 after Andres Iniesta and other “influencers” started advertising crypto actively. 

The European Union has reached an agreement for new rules on crypto and other digital assets in each member state, but the laws won’t take effect until a few years from now. Don’t invest more in crypto than you can afford to lose. 

If you are interested in crypto regulation in other countries, you might like our previous articles about Ireland, the United Kingdom,  Germany, South Korea, Brazil, UAE, Australia, Nigeria, Mexico, India, Portugal, Finland, Japan, Iceland and the Netherlands.