Cryptocurrency adoption in Spain is on the rise, with 9% of the population now owning some form of digital currency. This marks a significant increase from 2022, when only 4% of Spaniards held crypto assets.
The findings on cryptocurrency ownership come from a 2024 European Central Bank (ECB) survey, which interviewed 40,000 Europeans across the eurozone. This growth reflects the broader European trend. However, Spain still ranks among the lowest adopters in the region.
Spain’s position in the Eurozone
Despite the doubling of cryptocurrency ownership in Spain, the country remains near the bottom of the eurozone rankings. Spain’s 9% ownership rate is on par with France and Croatia, and only marginally ahead of Latvia and Austria. By contrast, Slovenia and Greece lead the pack, with 15% and 14% of their populations owning crypto assets, respectively. This varying levels of interest and trust in digital currencies across the eurozone is influenced by factors such as financial literacy, regulatory environments, and cultural attitudes toward investment.
Why Spaniards are investing in crypto
The ECB survey reveals that the majority of Spaniards view cryptocurrencies as an investment opportunity. Among Spanish respondents, 57% cited investment as their primary motivation for owning digital currencies. Meanwhile, 19% use cryptocurrencies for payments, and 20% hold them for both reasons.
Broader trends across the eurozone show that investment remains the dominant reason for crypto ownership. However, the use of cryptocurrencies for payments is gradually gaining traction, reflecting growing trust in their utility beyond speculative purposes.
Spanish banks to enable cryptocurrencies trading
From 2025, Spanish banks will offer customers the opportunity to trade cryptocurrencies like Bitcoin, thanks to the implementation of the European Markets in Crypto Assets (MiCA) regulation. This legislation establishes a comprehensive framework for issuing and trading cryptocurrencies, assigning clear responsibilities to financial institutions. It is aimed at creating a unified legal landscape for cryptocurrencies across the EU.
Major banks such as CaixaBank, BBVA, Openbank, and Kutxabank have submitted their plans to the Spanish securities regulator CNMV. These plans include services like cryptocurrency purchase, sale, and storage but explicitly exclude advisory services. Although still in its preparatory stages, MiCA marks a significant step toward integrating cryptocurrencies into traditional financial systems.