Development of the Cryptocurrency Market in Spain

Spain is making significant strides in the global cryptocurrency landscape, reaching milestones comparable to pioneering countries like El Salvador. According to recent data from the Bank of Spain, as of 2024, about 14 cryptocurrency-related service companies have been registered, following the growth trend observed last year, which concluded with 35 new authorizations.

Starting December 30th of this year, new regulations will come into effect to regulate cryptocurrency platforms operating in the country. These are based on the European Union's Regulation on Markets in Crypto-assets (MiCA), a move that highlights Spain's proactive approach in adopting clear and strict guidelines for the industry.

The number of companies registered in Spain now resembles those in El Salvador, a country known for its openness to cryptocurrencies, including tax incentives and ease of establishment for companies in the sector. However, Spain benefits from its strategic position within the European market, opening doors to operate across the region, a significant advantage over isolated jurisdictions.

The companies that have already obtained authorization include major names like Bitpanda, Bit2Me, Binance España, and, as well as innovators in technology and crypto-asset custody services like Vottun and Prosegur. This diverse list showcases the breadth of the crypto-asset ecosystem being built in Spain.

Yet, banks that offer custody and other related services for cryptocurrencies in the EU are still not reflected in the register, indicating initial caution by these institutions. However, this situation is expected to evolve over time, especially after movements like that of Caceis, which recently applied for a license to operate as a virtual asset service provider.

Spain's early adoption of MiCA regulations not only sets the standard for regulation in the EU but also prepares the stage for robust and regulated growth of the crypto-asset market, providing a safe and stable environment for investors and companies in the sector to advance.