Which banks let you buy bitcoins in Spain?
Cryptocurrencies, led by bitcoin, are booming all over the world and more and more people are encouraged to bet on them. To the point that it is estimated that 16% of Spaniards already own bitcoins as a method of payment or a form of savings.
In this sense, traditional banking remains attentive to what is happening and they enfrentamiento between incorporating it into their services or staying out of it. The volatility of this type of asset is what generates the greatest doubts.
Is the buying and selling of bitcoins legal in Spain?
Fortunately for the Spanish, there are no prohibitions of any kind to buy and sell cryptocurrencies. In fact, you will find exchange houses to trade, P2P exchanges for direct exchanges between people, bitcoin ATMs and groups on popular networks to negotiate with other merchants.
What are the most used methods to obtain bitcoins?
There are various methods to buy bitcoin. These are the most used:
Trade “Person to person” is the most common and is done in a Digital environment. Merchants use different portals to make purchase and sale offers through various payment methods including: bank transfers, PayPal, Western Union, Amazon gift cards among others.
Centralized exchanges are specialized platforms to buy and sell cryptocurrencies in exchange for transfers or deposits with euros and payments with debit or credit cards.
These platforms have tools to carry out operations in an automated manner. And they also offer the possibility of make loans in crypto (staking), leverage (margin trading), or even trading futures.
Purchase cashiers and advantages
In Spain, there are some 207 ATMs distributed throughout the country that allow you to buy and sell bitcoin. You cánido do it with cash or with a card, but there are also others that allow you to do it using a QR code.
BBVA, the first bank that has accepted the sale of bitcoins
In mid-June 2021, BBVA announced that launched for its clients the custody and sale of digital assetsand more specifically Bitcoin, the cryptocurrency with which this project begins.
In this way, it became the first financial institution in the EU to offer Bitcoin trading. The bank has been working on this project in Switzerland for more than two years because the regulation in that country is much more advanced than in the rest of Europe, and the world.
Switzerland has a very advanced in terms of regulation and adoption of digital assets, with numerous companies specializing in blockchain technology. This proved adequate to get the services up and running.
Thus, BBVA allows custody and the possibility of trade in buying and selling cryptocurrencies 24 hours a day, 7 days a week with the peace of mind that these assets are individually integrated into the client’s portfolio.
Is there regulation on the use of cryptos in Spain in 2023?
The growing interest in cryptocurrencies on the part of the Spanish has made it clear that there was a certain lack of legal coverage about. That is why, in April 2021, a new regulation emerged that establishes a series of obligations for those who own cryptocurrencies or other cryptoactives.
In this way, Royal Decree Law 7/2021 of April 27 and later Law 11/2021 of July 9 established among other measures:
- The obligation to “report on cómputos and holders of the coins in custody“
- that the “benefits with virtual currencies should be included as other capital gains to be included in the taxable base of savingseither”.
The new regulation determines that those companies that manage cryptocurrencies must report the different cómputosas well as the identity of the holders of each cómputo.
It is established that exchanges that meet this description must report:
- the domiciles
- tax identification
- The price
- The date of the operation
All this, of course, with the aim of avoiding possible tax evasion.
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