¡Hola! and welcome to this guide where you’ll learn how to buy Bitcoin in Spain. If you’re wondering about best exchanges, legal intricacies and payment methods, you’re at the right place. But before we start, here is a short overview of what happened to the Spanish crypto economics after the severe pandemic crisis.
By: Julia Gerstein | Oct 16, 2020 | Modified Oct 16, 2020
Whether it was сoronavirus that hit tragically hard on the Spaniards or gloomy Malaga beaches with no tourists in the summer 2020 – something gave the local authorities all the blues and made them turn their eyes to crypto. Mid-October 2020, Spain’s new anti-tax fraud bill required all citizens to report in electronic form any digital asset usage above €1000, which increased the surveillance levels for the first time in months.
On the bright side, all 350 members of Spain’s lower house received 1 euro equivalent in crypto when the edtech platform Tutellus attempted to promote the use of cryptocurrencies in the country. Additionally, Banco Santander partnered with Ripple to explore how blockchain could make transactions faster, cheaper and more transparent.
So, does it all make it harder or easier for you to buy Bitcoin in Spain? Take a look!
Well, spoiler alert: to buy Bitcoin in Spain is easy. Most of the popular trading platforms are present in the country, so all you need to do is to pick one!
Here is the list that includes a few options. Note that all of them are multinational and operate across the globe.
Let’s put it this way: crypto in Spain is not banned, although there is no specific regulation in place yet.
In short, the local authorities don’t consider digital coins as money or financial instruments. However, depending on the situation, they might think that cryptocurrencies are securities, commodities or utilities and will treat them accordingly.
Importantly, regulators’ approach to small-size investors in Spain is very conservative and protective due to a large number of frauds in the crypto niche. Thus, if anything bad happens to you, you can always try and apply to the law on consumer and investment protection.
Want to pay taxes on crypto? You can do so according to a variable rate from 19 to 23%. Higher rates will apply for the gains that exceed €50,000.
So, going back to the initial question if crypto is legal in Spain, the answer is yes, but there is no specific regulation just like in Japan.
While Bitcoin is still relatively hard to find in the mainstream, you might be surprised to learn that Spain is home to over 100 Bitcoin ATMs. It’s actually an impressive number compared to the rest of the world and sure to grow over the coming years.
In the global ranking of countries where you can find Bitcoin ATMs, Spain occupies the 4th place, which is a distinguishing stat that marks some engagement levels, or at least some engagement potential for crypto.
Bitcoin ATMs are very cool in a way: they are some sort of crypto renegades that guard the border between two worlds giving you a chance to interact with Bitcoin physically, which is rare. So if you bump into a huge orange box made of iron that looks like a regular ATM but not a regular ATM, congrats!
It’s easy to buy crypto from such a machine, and yet, you will maybe need to watch a couple of videos first, just in case.
But if you have a credit/debit card and, are ready to sign up with a cryptocurrency exchange, you won’t need any Bitcoin ATMs, and yes, buying crypto won’t be hard at all.
Exchanges across the globe have become increasingly secure over the years and Spain offers access to most of the high-quality ones.
Don’t have time? Just check out this comprehensive list of wallets on our website. Want to know where you’re about to put your money into? Then, read on!
If you’re used to choosing goods by their brands or good reputation, here is some bad news for you. The country that developed your crypto wallet might not be the key factor when you decide which asset management tool to choose. So there are no specific cryptocurrency wallets for Spaniards.
But what’s important to know, then, while choosing your first crypto wallet?
In the world of digital currencies, what’s hidden under the hood of your crypto wallet is sometimes as important as the funds it stores.
You see, there are two wallet types in general in the cryptocurrency niche:
This interesting differentiation originates from a new DeFi trend everyone talks about so much these days.
DeFi project create non-custodial wallets designed mostly for ERC20 tokens, not Bitcoin, for nobody, at least, on paper, to be able to control your funds except you.
The list of these wallets includes but not limited to:
However, in order to transact BTC, you’ll most likely need a beginner-friendly custodial wallet such as:
The custodial wallets’ teams will store your private keys, your passwords and basically all the information you need to access your funds.
Some say, it’s a bad thing because you can’t control your money, but some will tell you that they don’t need crypto for its decentralization. They don’t care about the philosophy, they just have to transact on a daily basis using a simple and nice interface. And should we really blame them for that?
So, are there any specific crypto wallets for Spaniards? Nope. Are there any specific crypto wallets for ERC20 tokens and mainstream coins such as Bitcoin, Monero and Ripple? Yes, and those are two completely different wallet categories to choose from.
Phew, now you know that being Spaniard doesn’t mean that you necessarily have to transact Spanish crypto across Spanish blockchains to store your funds in the Spanish cryptocurrency wallets – OK, just kidding, but now you know.
The regulatory environment in Spain is quite friendly to small-size investors, which will help you deal with adversity that the niche offers to each of us. But, in general, the country is a little bit slow on blockchain adoption and even gives off some vibe of distrust towards its crypto enthusiasts.
However, the potential for the further developments of the ecosystem is huge, and the number of manifold Bitcoin ATMs in Spain goes to prove that.
So why don’t you go and download an old-school custodial crypto wallet – will you?