Cryptocurrency boom in Spain: Ownership doubles since 2022

Right then, Spain’s going a bit crypto-crazy! The number of people owning digital dosh has more than doubled since 2022, with a decent 9% of Spaniards now holding some form of cryptocurrency.

This leap, revealed by a 2024 European Central Bank (ECB) survey that quizzed 40,000 Europeans, shows a wider trend across the Eurozone. But is this just a fad, or are Brits living in Spain getting in on the action too?

Spanish crypto ownership doubles but trails behind European leaders

While doubling crypto ownership is a proper achievement, Spain’s still hanging around the bottom of the Eurozone table. Sharing that 9% ownership figure with France and Croatia, they’re only just ahead of Latvia and Austria. Slovenia and Greece are leading the charge, with 15% and 14% of their populations owning crypto, respectively. This difference shows how trust and interest in digital currencies varies across Europe, depending on things like how clued up people are about finances, the local rules, and just general attitudes towards investing.

• Quick stats:
  • Crypto owners in Spain: 9% (2024), up from 4% (2022).
  • Top Eurozone crypto fans: Slovenia (15%), Greece (14%).
  • Spain neck and neck with France and Croatia (9%).

Why Spaniards are investing in Crypto: A focus on wealth growth

The ECB survey also looked at why Spaniards are diving into the crypto world. A hefty 57% see it as an investment – hoping to make a bit of extra cash on the side. Around 19% use crypto for actual payments, while 20% do a bit of both. Across the Eurozone, making money is the biggest reason for owning crypto, although using it for payments is slowly becoming more common, which suggests people are starting to see it as more than just a gamble.

• Why Spaniards buy crypto:
  • For investment: 57%.
  • For payments: 19%.
  • Both: 20%.

Spanish banks to offer Crypto trading: New EU Rules to change the game

From 2025, your local Spanish bank could be offering you the chance to trade cryptos like Bitcoin, thanks to the new EU Markets in Crypto Assets (MiCA) regulation. This new law sets out clear rules for issuing and trading cryptos, giving specific responsibilities to banks and other financial institutions, and making things more consistent across the EU. Big banks like CaixaBank, BBVA, Openbank, and Kutxabank have already sent their plans to the Spanish financial watchdog, the CNMV. These plans include buying, selling, and storing crypto, but they won’t be offering financial advice on it. Even though it’s still in the works, MiCA is a big step towards bringing crypto into the mainstream banking system.

• What MiCA means:
  • Spanish banks will offer crypto trading from 2025.
  • Clearer rules for crypto across the EU.
  • Big Spanish banks getting ready to launch crypto services.

This shift could encourage even more people in Spain to get involved with crypto, as it’ll create a safer and more regulated environment for investing. Whether this will boost Spain’s position in the Eurozone crypto league tables remains to be seen, but it’s definitely something to keep an eye on.

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