- Approximately 4.4 million Spaniards invest strictly in cryptocurrencies, according to an Asufin report.
- In Spain, interest in cryptocurrencies continues to increase, despite the fact that the majority of the population is unaware of the risks involved.
- Around a third of Spanish investors believe that cryptocurrencies are regulated.
Some 4.4 million Spaniards have bought or are making investments in crypto assets, according to a report from the Association of Financial Users (Asufin). 11.2% of the 47.3 million inhabitants of Spain claim to repeatedly invest in cryptocurrencies and trade in crypto assets.
The “III Report on knowledge and habits of Fintech” also reveals that 7 out of 10 Spaniards believe that cryptocurrencies are regulated. Therefore, they are unaware that they are potentially risky investments, and only 2 out of 10 people consulted are informed about the current situations.
Asufin found in its research that there is a growing interest in cryptocurrencies in Spain, as well as everything related to blockchain technology. The organization also said that the lack of knowledge about the control of the crypto market is widespread; people don’t know whether crypto assets should be taxed or not.
On the Flipside
- The only explanation for this long-awaited data is that investors are following the global trend towards the adoption of cryptocurrencies and their enthusiasm is on the rise due to the recent profits made from their investments.
59.3% of respondents said they had made a profit from their crypto investments. 28.8% admitted having suffered losses and the remaining 11.9 said that there were no major variations in terms of profit or loss.
Asufin’s data coincide with those of Statista on the adoption of cryptocurrencies in Spain. In its last publication in early September, Statista pointed out that 10% of Spaniards claim to use or own cryptocurrencies.
Faced with the advance of cryptocurrencies in that European country, the authorities of the Bank of Spain said in a report entitled “Advances in the strategic agenda of the digital euro”, that the use of cash is decreasing, which affects the role of the central banks.
Hence, the issuance of a digital currency is being analyzed to preserve the monetary function of the central bank.
25% of Investors Invest More Than € 6,000
The Association of Financial Users highlights that 70.6% of Spaniards invest more than 1,000 euros in cryptocurrencies on a regular basis. A little more than 25% of investors have exceeded € 6,000. However, only 59.1% are aware of the risks of these investments.
"Digitization has accelerated the knowledge of Spaniards and the use of fintech, mainly in the segments of cryptocurrencies and means of payment,"
indicates the Asofin report.
“The more informed and the more use the citizen makes of technology, the more he seems to be aware of all its risks. A trend that is not yet observed in the phenomenon of investment in cryptocurrencies”,
According to the report, 69.8% of Spanish investors consider that cryptocurrency transactions are supervised by regulatory bodies such as the Spanish National Securities Market Commission (CNMV) or the European Central Bank (ECB).
Only 22.1% claim to be aware that private digital money is not regulated.
"There is also a significant lack of knowledge about the tax implications of these instruments,"
says the report.
"41.4% (of investors) think that they will not have to pay any type of tax for what they earn with their crypto assets and 28.4% admit that they do not know."
The report “concludes that digitization has accelerated the knowledge of Spaniards and the use of fintech, mainly in the segments of cryptocurrencies and means of payment.”
Why You Should Care
- Spain is among the European countries that have adopted the use of cryptocurrencies the fastest.