Key Takeaways:
- 66% of the cryptocurrency investors in Spain are male, while 34% are women.
- 41% of those with paychecks over 3,000 euros have invested in crypto.
- 43% of the crypto investors have university diplomas.
Spains Regulatory Authority- The National Securities Market Commission (CNMV) survey results reveal that around 6.8% of their adult population has invested in cryptocurrencies. 66% of the cryptocurrency investors in Spain are male, while 34% are women.
The study shows that most people investing in crypto come from a high-income bracket. The survey revealed that young, educated, and salaried individuals are more likely to be crypto investors. The CNMV study revealed that 41% of those with paychecks over 3,000 euro have invested in crypto, while 10.7% of the Spanish earning less than 1,000 euro have allocated some funds in the market.
43.3% of the crypto investors have university diplomas, while 28% lack that level of scholarship. Around 36% of the people aged 35 to 44 admitted being crypto investors, while only 7% of those between 55 and 70 have entered the crypto market. The CNMV survey was carried out with Análisis e Investigación, involved the participation of 1,500 adults, and took place in May and June.
The survey follows after Spain announced restrictions on influencers’ promotion of cryptocurrencies. As part of this, influencers and their sponsors must notify authorities before promoting crypto posts and warn users of their risks. The restrictions came into being after widespread criticism that renowned people in crypto ads, such as FC Barcelona soccer star Andrés Iniesta, could tempt people into taking undue risks.
The latest study revealed that over half the population thinks the warnings on crypto ads are easy to read and large enough. 9 in 10 survey respondents also recalled seeing information about crypto investment risks. Another interesting finding in the survey was that 40% of crypto investors considered crypto regulated by law, while 29% think crypto has the same risks as other investments.
Despite the impressive numbers, Spain’s crypto adoption numbers are not as high as that of Brazil or Indonesia. As per a Gemini study, Brazil and Indonesia are the undisputed leaders, as 41% of the surveyed people from those nations admitted holding bitcoin or altcoins.
In Spain, crypto is viewed as an asset rather than a currency/legal tender, which makes it taxable under Personal Income Tax (PIT).In 2021, the Bank of Spain opened a registry for crypto service providers. In February this year, Spanish crypto exchange Bit2Me became the first company to be added to the registry. The world’s largest exchange Binance is also included in the registry paving the way for more investors to view Spain as a viable crypto center.
