Published on November 11, 2024
By: Ertix Truepatch
After exploring the crypto market in several countries in Latin American and the Caribbean, the next step is to turn our attention to Spain. While the nation isn’t a top global player in Bitcoin or Ethereum adoption —it’s notably absent from Chainalysis’ 2024 Global Crypto Adoption Index— the market is steadily growing. It’s also interesting to compare how the crypto landscape is evolving across different spanish-speaking territories.
It’s no secret in the industry that since its launch in 2017, Binance has quickly become a major player, leading the market in both transaction volume and user numbers. Key factors behind this success include its broad selection of crypto assets, multilingual support, and a wide range of services such as spot trading, staking, and loans. Recently, Javier García de la Torre, Binance Spain’s Director, discussed the growing interest in crypto in Spain. In an interview with Cointelegraph en Español, he was asked about Binance’s role in the spanish market and shared his thoughts:
“Spain is a crucial part of our expansion into Europe. Spanish users have shown a strong interest in both cryptocurrencies and Blockchain technology, fostering a vibrant and dynamic ecosystem.
Our latest survey, which delved into spanish users’ habits to offer a clear picture of their preferences and behaviors, shows that nearly 60% of crypto users either hold cryptocurrencies or view them as a long-term investment (30% and 28%, respectively).
These findings highlight the deep commitment of spanish users to long-term trading and their confidence in the future of digital assets. This reflects both the evolving landscape and the increasing trust in this emerging asset class”.
Data from Bitget shows that Bitcoin (BTC) and Ethereum (ETH) dominate the spanish market. In H1 2024, these cryptocurrencies accounted for nearly 75% of the trading volume, with BTC making up 57.8% and ETH 16.7%. Additionally, Solana (SOL) emerged as the third most traded crypto in Spain, capturing 2.8% of the total volume. This was reported by CriptoNoticias.
In Spain, cryptocurrencies are liable for several taxes. Profits from their sale are reported under the IRPF (income tax), with rates ranging from 19% to 23%. If crypto value exceeds €700,000, they must also be included in the Wealth Tax. Additionally, if cryptocurrencies are inherited or donated, they fall under the Inheritance and Gift Tax. While crypto transactions are exempt from VAT, companies that profit from them are still subject to a 25% Corporate Tax.
Buying crypto assets is easier than ever. In Spain, a country that has bolstered its teams to align with the EU’s MiCA (Markets in Crypto-assets) regulations, you can choose from a mix of globally recognized exchanges and local favorites. Some of the top platforms include Crypto.com, Bitbase, Bit2ME, Bitnovo, Bitstamp, BitPanda, Kraken, Kucoin, and OKX.
More noteworthy insights into crypto adoption in Spain:
- There are about 304 Bitcoin ATMs in Spain, with Barcelona and Madrid having the most—66 and 52, respectively.
- Spain regularly hosts major crypto events, like the Crypto Week Madrid Summit and the upcoming European Blockchain Convention in Barcelona. These events draw global experts and key players from the community.
- Last July, the University of Seville introduced a specialized course on tokenization and decentralized finance. With 625 teaching hours and 25 ECTS credits (a standard European credit system), the program aims to prepare students to excel in digital innovation.
- In July, Kraken teamed up with Atlético de Madrid in a new partnership. As part of the deal, Kraken will sponsor the team’s jersey sleeve and work to enhance crypto education while offering exciting digital experiences for the club’s fans.
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