Crypto Country Spotlight: Spain 🇪🇸
- CDC registered as a virtual asset service provider (VASP) with the central bank of Spain and allowed to operate in Spain since June 2023.
- Overtook El Salvador to be the country which has the 3rd-highest number of crypto ATMs (215 ATMs) in October 2022. You can buy BTC below 1,000 €uros without KYC from BTC ATM machines, especially in the south of Spain. The ATM fee is about 7.5%.
- Has implemented a law that requires all crypto companies to report all transactions carried out by their customers during the year. Additionally, Binance delisted 12 privacy coins like Zcash and Monero in Spain due to new cryptocurrency regulations in the form of MiCA. This shows that Spain is pretty anti-privacy.
- Social media influencers with more than 100,000 followers are required by law to inform the government within 10 days of running a cryptocurrency ad campaign. Otherwise, they could be fined as much as £250,000.
- You can buy almost 300 homes with Bitcoin or Ethereum in Marbella, Alicante and Barcelona. In fact, Spain is leading the global cryptocurrency property market.
- That’s not all. Telefónica, Spain’s largest telecommunications company partnered with Bit2Me, the largest crypto exchange to enable the payment of Bitcoin and cryptocurrencies on its e-commerce store. You can also pay your air tickets with Bitcoin with Vueling, Spain’s largest airline.
- But it will be interesting to see if this crypto adoption can gather momentum because the Central Bank of Spain expressed its interest to start a Wholesale Central Bank Digital Currency (CBDC) project.
- Different tax brackets imposed depending on your particular profit margin: €0-€6000 —>19%, €6000-€50000 —>21%, €50,000-€200,000 —>23%, more than €200,000 —> 26%
