Cryptocurrencies have gradually woven into the financial life of Spaniards. A study by the Bank of Spain shows steady growth in digital assets, with a trading volume reaching 60,000 million euros across Spain in 2021. That figure translates to roughly 1,275 euros per person. On this basis, Spain ranks as the fourth country for cryptocurrency exchange activity, following Germany, France, and the Netherlands.
The platform known as actvos selected 33 companies, including some registered in the Bank of Spain registry of crypto service providers and others that are widely recognized but not listed in the document. The list encompasses exchange platforms, bitcoin ATM operators, and firms that allow salaries to be paid in cryptocurrency. It is important to note that registration on this public registry signals a company has a structure capable of complying with anti money laundering laws, but it does not certify an official audit by the regulating body. This registry has operated for a year and includes 43 companies, with no new names added since November 2022, a period that coincided with the FTX bankruptcy crisis.
thriving industry
Interest in cryptocurrencies has shown sustained growth since 2018. The use of digital assets has surged dramatically, with a 900 percent increase reported over the past four years by banking institutions like BBVA. The International Monetary Fund places the global market value of digital currencies at more than 2.5 trillion dollars and estimates around 350 million cryptocurrency users worldwide. More than 10,000 distinct virtual currencies exist today, and the list continues to expand. The leading assets include bitcoin, ethereum, cardano, and solana.
In Spain, over 120 entities are linked to the cryptocurrency ecosystem. Some were founded domestically, while others operate as subsidiaries of foreign groups. Collectively, they employ around 1,100 people, according to the CryptoPlaza community’s Crypto Business Guide. In the investment landscape, about eight million Spaniards prefer cryptocurrencies over other asset classes, with a large share of this cohort being younger investors.
In line with ongoing developments, the financial sector must address several medium term challenges. Market observers highlight the need to broaden the adoption of crypto assets in a way that supports long term sustainability. These themes were underscored by policy makers who emphasize the balance between innovation and prudential oversight in the crypto space. The broader regulatory horizon includes potential implementations of European Union measures such as the Crypto Active Market Regulation, known as MiCA, which could take effect in the near term and shape the regional framework for digital assets. (Policy overview sources: Bank of Spain, IMF, EU regulatory briefings)