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Blockchain penetration in Spain: A comprehensive overview


Blocks

This report offers a comprehensive overview of the current state of blockchain technology and crypto-assets in Spain, highlighting key ecosystem developments, legal considerations, and the regulatory framework for businesses interested in entering the Spanish market.


Background


Recently, the growing reluctance of institutions like the SEC in the US to support crypto firms has opened up opportunities for Europe to seize the momentum. Thanks to the regulatory clarity provided by the Markets in Crypto-Assets Act (MiCA), Europe has emerged as a more appealing choice for crypto businesses in comparison to the US.


The Euro Zone, in particular, has demonstrated potential as a significant beneficiary of the US banking restrictions to service crypto firms, as evidenced by the surge in BTC-EUR trading volumes. It remains to be seen whether EU banks will embrace crypto deposits or whether Europe will continue to gain prominence in an industry where it has previously lagged.


Shows the cryptocurrency adoption across most largest economies in the world
Respondents who affirm to use or possess crypto assets as a percentage of population

Investment in cryptocurrencies is becoming increasingly popular in countries such as India, the US, Brazil, Germany, and Spain, where a higher percentage of respondents reported owning or using cryptocurrencies in 2021/2022 compared to 2018/2019. In India, for example, 27% of those surveyed reported owning bitcoins or altcoins, an increase of 19 percentage points from the previous survey. In Spain, the percentage increased from 10% to 16%, while in Mexico it remained unchanged at 12%, and in China, it decreased by one percentage point. The trend suggests that blockchain-based currencies are gaining acceptance and adoption worldwide. The graph above confirms Spain growing leadership in the UE, and soon overtaking the US in cryptocurrency adoption.


Crypto and blockchain penetration in Spain


Blockchain technology has been steadily gaining growing adoption in Spain in recent years. In a 2022' survey run by Funcas, it was found that the adoption of cryptocurrencies in Spain sits at around 5%, where the majority of investors are among young people, with high monthly income, and residing in large urban areas.


Likewise, the online media outlet BolsaManía sets the adoption rate at 7%, according to a cited survey referring to those who own cryptocurrencies in Spain (Gonzalez, M., 2021).


Further, in an interview with the neobroker Bitpanda, a 1.2bl unicorn (2020) who operates in 7 countries in the EU, it was mentioned that Spain “has the highest adoption of cryptocurrencies in the EU," —Alejandro Zala, Country Manager for Spain and Portugal.


The graphic above by Gilbert Fontana shows that attitudes towards cryptocurrency investing vary considerably among European Union nations, although the region is evidently experiencing a growing crypto adoption. The graphic reveals discrepancies between the level of investment crypto receives among EU nations, showing Croatia, Slovenia and Luxembourg having the highest proportion of citizens invested in crypto.


Adoption demographics


In Spain, three out of four citizens claim to be aware of cryptocurrencies, mainly young men under the age of 34. However, the level of knowledge regarding cryptocurrency is low, with most hearing about it only through rumours and lacking further understanding. Only 2% possess significant knowledge about cryptocurrencies. People's first exposure to cryptocurrencies come from general media sources like TV or radio, followed by family and friends and social media. Over a third of those who are aware of cryptocurrencies lack a formed opinion about its structure and functioning.


According to a 2022' survey conducted by the National Securities Market Commission (CNMV), around 6.8% of surveyed people have invested in cryptocurrencies, particularly men under the age of 34. While 38% don't invest currently, they did in the past, and 4.2% of the surveyed individuals currently own some form of cryptocurrency. Over half of existing investors (52%) invest occasionally when there is a dip in the cryptocurrency value, while about 10% make regular investments. Majority of investors do not invest more than 5% of their capital in cryptocurrency. Women and individuals over the age of 45 are less inclined to invest in the short or medium term, but they do show a predisposition to invest in the future.


Motivations for investment in cryptocurrency include high profitability, the perception of cryptocurrency as the future of payments, and confidence in the underlying technology. Young people under the age of 24 have a significantly higher interest in the latter reason. Among current investors, the technology underlying cryptocurrencies is the primary driver for almost half (49%), followed by profitability and the advantages that cryptocurrency offers over traditional currency.


The motivations for past investors are more diversified, with highlights on cryptocurrency profitability and a willingness to try new financial products. Those who haven't invested in cryptocurrency yet express an interest in adapting to the transformation they predict for new means of payment.


Some of the perceived barriers to investing in cryptocurrency include concerns about the risks associated with this product, sudden fluctuations in its value, and the lack of regulation or legal protections for cryptocurrencies. The majority of potential investors are dissuaded by the third barrier, while the other two also present notable concerns, according to the same survey.


Spain market size

According to a report by the Bank of Spain, cryptocurrency transactions in Spain amounted to nearly €60 billion in 2021, equivalent to around €1,275 per capita. The report also mentions an increase in the number of transactions in Europe. Spain accounts for around 10% of cryptocurrency business in the eurozone, proportional to its GDP. Although cryptocurrency investment volume remains smaller compared to traditional stock exchanges, cryptocurrency transactions are increasing in popularity while stock exchange volumes are decreasing.


According to the cited report, the cryptocurrency transaction volume has remained stable and has been increasing at a steady rate. The total number of crypto transactions increased by 90% compared to the previous year, and the average value of each transaction increased to €2,000.


The report by the Bank of Spain reveals that Spain was the fifth biggest economy in terms of cryptocurrency transactions volume in Europe in 2021 after the UK, France, Germany, and the Netherlands. Europe was the leading region globally with a transaction volume of almost €845 billion in crypto assets. (Bank of Spain, 2022)


Mining outlook


The high energy costs in Spain make it difficult for the country to be an attractive destination for miners. A group of Spanish lawyers specialising in blockchain and cryptocurrency regulation pointed out that high energy costs are a significant disadvantage. Mining cryptocurrency requires significant computing power and consequently, intense energy consumption.


Joaquim Matinero, a Banking-Financing & Blockchain Lawyer in Rocajunyent, emphasises the lack of specific cryptocurrency regulation at the national level and high energy costs as the key issues that hinder Spain from becoming a destination of choice for crypto miners.


Governmental support


The Spanish government has been supportive of the development of the cryptocurrency industry, recognising cryptocurrencies as a legitimate form of payment and establishing a framework for the taxation of cryptocurrency transactions.


Both Spain's government and businesses are increasingly exploring blockchain potential. The government is actively investing in blockchain technology, and continues to propose tax incentives for those sectors adopting blockchain technology.


The Spanish government has taken a proactive approach to blockchain technology, joining the Blockchain Observatory and Forum in 2018. This initiative is aimed at promoting the development of blockchain technology, and helping to create a regulatory framework accordingly.


The Blockchain Observatory and Forum, is an European Commission initiative to accelerate blockchain innovation and the development of the blockchain ecosystem within the EU and so help cement Europe’s position as a global leader in this transformative new technology.


The Spanish government has introduced various digital development programs over the last two decades to drive infrastructure deployment and the development of a business and technology ecosystem. These programs have focused on four areas of action, namely the deployment of digital networks and services, digitalisation of the economy, improving electronic government, and training in digital skills.


Public and private investment has primarily focused on extending physical telecommunications networks, resulting in Spain having a digital infrastructure network that is among the best in the world. As a result, Spain is well-placed to tackle the next phase of the country's digital transformation process, with leading companies in key sectors, modern cities, and tremendous potential for the application of new technologies to information management and public policy.


Spain is one of the most advanced countries in Europe in terms of e-government

development, ranking second among the 28 EU Member States in the Digital Economy and Society Index (DESI) 2020.


All of its indicators are significantly above the European average, with a score increase from 80.9 to 87.3 points in 2020. Spain excels in online interaction between public authorities, citizens, and businesses, with a high level of engagement in e-government services. Additionally, Spain ranks second in the open data indicator with 90% of the maximum score.


The Spanish government has been actively involved in the development of blockchain technology, investing in research and development projects and launching initiatives. Some public sector initiatives and legislation promoting blockchain and cryptocurrency adoption include the following:

  • Ley 11/2021: law that legislates the obligations of crypto asset owners and service providers, regarding virtual currencies. In this law there is also a definition of what is considered a virtual currency.

  • Joint declaration between Spain and Germany: a press release where Spain and Germany announce that they join forces on the development of a cross-border, decentralised digital identity ecosystem.

  • The UNE standard for Digital Identity (December 2020): UNE71307-1:2020 Digital Enabling Technologies. Decentralised Identity Management Model based on Blockchain and other Distributed Ledgers Technologies.


Further into the Government initiative supporting the development of Blockchain and cryptocurrencies, recently the Central Bank of Spain has authorised the testing of a digital Euro token called EURM, which will be issued by Monei, a Spanish fintech, and developed within the central bank's digital 'sandbox program’. The project will be limited to a small group of individuals who will be required to undergo a KYC process before loading their digital wallets with traditional Euros through the Spanish payment app Bizum. Once wallets are funded, users can send EURM tokens to other participants and registered businesses. All EURM tokens will be backed 1:1 with FIAT at all times. The pilot is intended to last up to 12 months, with reports produced to allow the central bank to decide whether to authorize an official launch. The vision for EURM is to allow the Bank of Spain to control the issuance of "programmable money."


Furthermore, Spain is home to over 200 companies and startups active in the blockchain and cryptocurrency space. Capital gains from digital currency exchange is subject to taxation and blockchain initiatives from the private sector are gaining traction.


Legal and regulatory frameworks

The legal environment in Spain is evolving to accommodate blockchain technology and regulate crypto-assets, with multiple regulations addressing different aspects of the industry. It's important to note that there isn't a single law governing blockchain, just as there isn't one for the internet. Blockchain is a technological tool, and the applying laws depend on its specific use, similar to how the internet is regulated (e-commerce, advertising, consumer protection, data privacy, etc.).


Key regulatory developments include the following:

  • The transposition of the fifth Anti-Money Laundering (AML) directive (Law 7/2021), which extends AML obligations to cryptocurrency exchanges and wallet custody service providers.

  • The recently approved Markets in Crypto-Assets (MiCA) regulation, which aims to create a single market for crypto-assets in the EU, and includes various obligations for crypto-asset service providers.

  • The Markets in Financial Instruments Directive II (MiFID II & MiFIR), which regulates security tokens considered as financial instruments.

  • Spain's National Securities Market Commission (CNMV) regulations that govern advertising related to investments in cryptocurrencies, requiring clear warnings about investment risks.

  • The DLT Pilot Regime, which establishes conditions for operating a distributed ledger technology (DLT) market infrastructure and aims to enable innovation and experimentation in the trading and post-trading processes.


In this context, would be advisable to highlight that the Spanish Ministry of Finance has delayed the new reporting obligations on virtual currencies until 2024, affecting models 172, 173, and 721 used to declare balances and operations in Spain and the possession of crypto assets abroad. The delay will not affect declarations of cryptocurrencies in the IRPF, which are still valid.


1. Anti-Money Laundering (AML)


The adoption of the Fifth Directive in Spain marked the beginning of blockchain-based business model regulation and the legislative oversight of this technology. The Royal Decree Law 7/2021 on the Prevention of Money Laundering and Terrorist Financing expanded AML obligations to include virtual currency exchanges and electronic wallet custody service providers. These service providers are required to comply with various obligations outlined in the regulations.


2. Markets in Crypto-Assets (MiCA)


In April 2023, the European Parliament voted in favour of the implementation of the Markets in Crypto-Assets (MiCA). MiCA was part of the EU's digital finance package, which was originally presented by the European Commission in September 2020, and it aims to foster technological development, ensure financial stability, and protect consumers. The package includes measures like the Digital Operational Resilience Act (DORA) and a pilot regime for distributed ledger technology. After negotiations, the MiCA regulation was formally adopted on 16 May 2023, providing a comprehensive framework for digital financial instruments with consumer and investor protection.


3. Markets in Financial Instruments Directive II (MiFID II & MiFIR)


The EU's Markets in Financial Instruments Directive (MiFID II) and Markets in Financial Instruments Regulation (MiFIR) are the key regulations governing investment services and financial market activities. The European Commission has proposed the establishment of an EU-wide consolidated tape for financial market instruments, along with targeted changes to market structure, to enhance transparency and competitiveness. A consolidated tape is a fast electronic system that reports the latest price and volume data for exchange-listed stock sales. The proposals are currently being discussed by the co-legislators, with the European Parliament's Committee on Economic and Monetary Affairs (ECON) adopting its reports on 1 March 2023 and entering negotiations.


4. Crypto-assets Advertising Law


Spain's National Securities Market Commission (CNMV) established regulations governing advertising related to investments in cryptocurrencies, including social media influencers. All advertisements must warn investors about the risks associated with these products.


5. The DLT Pilot Regime


Regulation 2022/858 of the European Parliament and the Council introduced a pilot regime for market infrastructures based on distributed ledger technology (DLT Pilot Regime) as part of the Digital Finance Package. The DLT Pilot Regime aims to foster innovation in trading and post-trading processes and sets the conditions for operating a DLT market infrastructure, the types of financial instruments that can be traded, and cooperation between market operators and regulatory authorities.


6. Securities Law


Spain's congress recently approved a new securities market and investment services law (Ley 6/2023, de 17 de marzo) that includes provisions for legal closure of cryptocurrency-related businesses that violate regulations. The new regulation, which took provisional form in December 2022', also allows authorities to impose high fines and monetary penalties on individuals and legal entities that infringe the law. The law will allow the National Securities Market Commission to supervise the industry, its offerings, and admission of certain crypto assets that are not considered financial instruments.


 

At iBerotech, we bring over a decade of hands-on expertise in partnering with financial services organizations. Through strategic insights and a deep understanding of the landscape, we have effectively navigated the intricacies of the Spanish market, establishing a strong foothold in the Spanish fintech ecosystem.

 


Public sector initiatives


The SandBox


Back in 2020, the Spanish Senate, the country's upper parliamentary house, unanimously voted 262-0 in favor of launching an initiative proposed by the government. The bill, which was already approved by the lower house, only needed to be entered into the official gazette to become law. The approval of the bill established a sandbox for blockchain, crypto, and fintech companies, a significant achievement for the Spanish Association of Fintech and Insurtech (AEFI) and the sectors involved. Madrid established a regulatory commission responsible for coordinating the sandbox, making membership decisions, setting protocols and standards, and evaluating project progress.


EURM stablecoin trial


The Central Bank of Spain recently authorised a euro-denominated stablecoin (EURM) trial, which is expected to last between six to twelve months, serving as a base for the European Central Bank's (ECB) digital euro plan. The Spanish Central Bank delegated the project to Monei, a renowned financial technology company, which aims to fund the development of the ECB-issued digital euro (EURM). The ECB’s CBDC project arose in July 2021 due to the need for a monetary anchor to preserve and uphold the control of economic policies currently at stake with the growth of cryptocurrencies.


According to media reports, the test phase is expected to last between six and twelve months within the Spanish jurisdiction before the project debuts live on the mainnet. During the test period, vital information about the functionality of the stablecoin will be collected, analysed, and fixed if any potential vulnerability is identified. EURM will be a fiat-collateralised stablecoin like Tether’s USDT, Circle’s USDC, and Binance’s BUSD. Monei will maintain the ratio of EURM to the EURO at 1:1, and the ecosystem will securely hold the collateral fiat on two major Spanish financial institutions, BBVA and CaixaBank. For a start, the stablecoin will be used to transact monetary value among businesses and individuals.


During the test period, users will be allowed to deposit €10 in their wallets after verifying their phone numbers and identity. The “Bizum” payment application will power the deposit transactions to the participants’ wallets, after which EURM tokens will automatically mint in a ratio of 1:1 with the Euro deposits. The European Central Bank is one of the leading pioneers in developing government-issued cryptocurrencies, and according to the ECB’s issued publication, the digital euro scheme will enter a new phase of scheme rulebook drafting in February.


Private sector initiatives


In Spain coexist around 200 companies operating in the Blockchain ecosystem, employing about 2,500 professionals, according to statistics from Crypto Plaza, a collaborative work space located in Madrid.


According to data collected by Europa Press, the Bank of Spain's registry of cryptocurrency service providers has grown to include 41 companies since its creation in October 2021. The registry was established as part of Spain's anti-money laundering laws (Ley 10/2010, de 28 de abril) that require virtual currency service providers to register and comply with regulations. The constant inclusion of new companies in the registry is seen as a positive development for the regulation and growth of the cryptocurrency industry in Spain.


One of the latest operators to register with the Bank of Spain is Coinmotion, a Finland-based cryptocurrency operator, who received approval from the Banco de España to register on its list of providers of services for virtual currency exchange and electronic wallet custody. Its business model target high net worth individuals, companies, and institutions.


Similarly, Madrid-based infrastructure provider for digital assets, Depasify, has obtained a license from the Bank of Spain to provide services for virtual currency exchange and the regulatory custody of digital assets. Depasify's business model is to bring digital assets closer to the general public through financial entities such as banks or capital management firms, allowing them to incorporate them into their daily operations.


Some organisations registered under the supervision of the Bank of Spain.

List with 21 blockchain operators registered with Bank of Spain
Some blockchain operators registered with Bank of Spain

In the private sector, Blockchain has already been used by some Spanish banks and is even being applied in agriculture impacting the agri-food value chains. Spain maintains a strong position in blockchain education in Europe, with an increasing number of universities offering blockchain-related degrees. The country has also seen a steady increase in the number of companies and startups in the blockchain and cryptocurrency space. In 2021, Spain introduced a law that mandates the obligation of cryptoasset owners and service providers regarding virtual currencies. There are also active initiatives from prominent players in traditional fields such as banking, energy, shipping, telecommunications, and sports.


One notable initiative is Alastria, which was formed in 2017 by a consortium of Spanish banking, energy, and telecom companies. Alastria is probably the largest blockchain platform with over 500 members from various sectors such as business, academia, and government. It serves as a neutral space for generating knowledge, innovation, and blockchain development to promote the use of decentralized technologies and blockchain to boost the digital economy. To date, Alastria has mapped 147 firms operating in the blockchain economy in Spain, grouped in 16 categories.


According to a 2022’ report, the use of blockchain in supply chain tracking has reached an early stage of maturity. However, its use in traceability is still facing challenges, with many pilot and test projects being deployed but lacking a proper analysis of results. Challenges include data appropriateness, selection of scalable standards, and the need for further development in automation and integration with other technologies. The article suggests that reusing and integrating blockchain data into public registries could contribute to the adoption of the technology.


One example of the applicability of Blockchain in the agro industry is Olivacoin, a Spanish startup, has been able to implement the technology in their supply chain management and sale of olive oil. By using Blockchain technology, they have been able to assure the quality, correct labelling, and timely arrival of olive oil products. As new legislation is formed, it can be expected that more companies will begin to use the new technology in controlled experimental phases.


Another interesting use case is BBVA. The Spanish bank successfully completed an initial pilot, the first blockchain-supported corporate loan transaction from the negotiation of the deal to its signing, in collaboration with Indra.


Several companies in Spain, including Banco Santander, Telefónica, CaixaBank, ACCIONA, Iberdrola, Endesa, and Campofrío, are exploring and utilising blockchain technology for various purposes. CaixaBank is partnering with leading companies from the space, while ACCIONA and Iberdrola are exploring blockchain technology in the energy sector. Endesa is collaborating with the Malaga City Council to protect financially vulnerable customers, and Campofrío is using blockchain technology to ensure transparency in some of its food products.


For example, Spain's oil giant Repsol is building a platform called VEIA Digitalis, which allows users to store things like driver's licences, security credentials, and passports in a blockchain-based "self-sovereign" wallet, allowing its users, mostly Europeans who live in government-intensive societies, to control which parts of their identity they want to share and with whom. The project began in 2019 through Repsol's work with the global blockchain consortium Alastria. The project has been awarded by Forbes Spain, who listed Reposol among the 50 companies in the world that best uses blockchain technology.


Another example is Grant Thornton's Spanish subsidiary, who designed 'Blockchannel GT', a tool backed by blockchain technology to manage complaint channels for private companies and public sector organizations, in compliance with EU Directive 2019/1937. The tool allows anonymous and secure reporting of violations, protecting whistleblowers while providing greater independence and objectivity in investigations. The innovation won the Best Innovation award from Grant Thornton's global network, beating solutions from over 140 countries (Matthew, 2023).


The blockchain is also key in the development of smart cities initiatives across the country. The advancement of blockchain technology in Spain is noteworthy, with its utility extending well past financial transactions. Cities across Spain are delving into the possibilities of blockchain for secure data distribution, streamlined energy trade, public records management, and improved visibility in supply chains. Take Barcelona as an instance, which is testing out blockchain initiatives for digital identity systems and decentralized energy trading. Meanwhile, Seville is harnessing the power of blockchain to refine administrative procedures.


SMEs adoption of blockchain technology

Small and medium-sized companies in Spain are increasingly adopting blockchain technology to innovate and create new business models.


A study conducted by the Cotec Foundation for innovation and the Alastria association shows that most Spanish microenterprises invest more than 50% of their budget in technology, and 40% invest more than 75%.


The main functionalities of blockchain technology are traceability, registration, and tokenization. Sectors that are using this technology include banking, legal consultancies, construction, art, health, and real estate.


However, the main obstacle for SMEs to invest in blockchain is the cost of digital infrastructure. Nevertheless, the supply of companies that distribute business tools based on blockchain technology has grown considerably in recent years, which allows companies to contract blockchain as an external service without making large financial investments or spending much time on development and implementation.


Blockchain technology advancements

In terms of blockchain technology, Spain is home to several major companies. The most prominent is Iberdrola, a Spanish energy company that is developing a blockchain-based platform to enable peer-to-peer energy trading. Other blockchain companies in Spain include Alastria, a consortium of over 200 companies working on blockchain-based solutions, and Everledger, a blockchain-based platform for tracking the provenance of diamonds. Blockchain-focused accelerators and incubators such as the Blockchain Hub Madrid and the Blockchain Institute of Technology are also helping to foster the development of blockchain-based solutions in Spain.


Crypto influencers

It would be incomplete to discuss the Spanish blockchain industry without acknowledging the presence and impact of crypto influencers. Spain boasts a remarkable pool of Blockchain and Bitcoin experts. In the following table you'll find an overview of the most prominent influencers who hold sway in the domain of Blockchain and Bitcoin within the Iberian Peninsula.


List with top crypto influencers in LinkedIn (2023)
Top crypto influencers in LinkedIn (2022)

Market outlook

The blockchain market in Spain is projected to witness significant growth in the coming years. According to statistics from Statista, the revenue in the Cryptocurrencies market is expected to reach €552.48 million by 2023. Furthermore, it is anticipated that the market will experience a robust annual growth rate of 16.09% from 2023 to 2027, resulting in a projected total revenue of €1,003.26 million by 2027.


In terms of average revenue per user, the Cryptocurrencies market in Spain is estimated to be around €67.95 in 2023. When compared globally, the highest revenue is forecasted to be generated in the United States, with an expected amount of €15,333.61 million in 2023. These figures highlight the substantial growth potential of the blockchain market in Spain.


The number of users in the Cryptocurrencies market is expected to reach 11.32 million by 2027, indicating a steady increase in user adoption. In 2023, the user penetration rate is projected to be 18.4%, and it is anticipated to rise to 24.4% by 2027. This suggests that a growing percentage of the population in Spain is embracing cryptocurrencies and actively participating in the blockchain ecosystem.


These optimistic forecasts indicate a positive outlook for the blockchain market in Spain, with increasing revenue, user adoption, and user penetration rates. As the industry continues to evolve and mature, it presents opportunities for businesses, entrepreneurs, and investors to capitalise on the growing demand for blockchain-based solutions and cryptocurrencies in the country.


Conclusion

In summary, the current state of blockchain development in Spain presents a highly favorable landscape for organizations considering establishment or business in the country's crypto sector. Our analysis highlights several key factors that contribute to the growth and potential of the blockchain industry in Spain, making it an attractive destination for crypto-focused organizations.


From a political standpoint, Spain's alignment with the European Union's regulatory framework ensures a stable and supportive environment for blockchain innovation. This regulatory stability provides a solid foundation for organizations to operate within a well-defined legal framework, fostering confidence and security in the business environment.


Economically, Spain demonstrates a strong trend towards cryptocurrency adoption, with increasing market acceptance and growing investment in the crypto industry. These indicators signify a thriving market with ample opportunities for business expansion and long-term sustainability.


Socioculturally, Spain exhibits a positive shift in public perception towards cryptocurrencies, accompanied by a focus on financial inclusion and technological advancements. This social mindset creates a fertile ground for the growth of blockchain-based services and solutions, ensuring a receptive audience and potential user base.


Technologically, Spain's embrace of cryptocurrency within its digital agenda presents significant advantages for blockchain organizations. The country's recognition of the transformative potential of cryptocurrencies demonstrates a forward-thinking approach, fostering an environment conducive to the development and implementation of innovative blockchain solutions and services.


The increasing adoption of cryptocurrencies in Spain provides a solid foundation for organizations aiming to establish themselves in the market. The growing demand for blockchain applications, such as decentralized finance (DeFi) platforms, non-fungible tokens (NFTs), and digital identity solutions, opens up numerous opportunities for organizations to contribute to the expanding crypto ecosystem.


To succeed in the Spanish blockchain sector, it is crucial for organizations to leverage the country's strengths. Establishing strategic partnerships with local companies can provide valuable market insights and facilitate smoother market entry. Furthermore, leveraging the regulatory clarity and actively engaging with the blockchain community will foster collaboration, knowledge sharing, and business growth.


As Spain positions itself as a prominent hub for blockchain innovation and investment within the EU, organizations that seize the opportunities and navigate the challenges presented by the current state of blockchain development can establish a strong presence and contribute to the industry's growth and advancement in the country.


In summary, Spain offers an exciting and promising ecosystem for blockchain development, characterized by favorable political and economic conditions, evolving sociocultural attitudes, and a focus on sustainability. By embracing innovation, fostering partnerships, and navigating the dynamic landscape, organizations can tap into Spain's vast potential in the blockchain industry and make significant contributions to its continued growth and success.


 

Over the years, we have gained a reputation on strategic compliance guidance. At iBerotech, we harness regulatory expertise and leverage key strategic partnerships to empower foreign financial services companies in adroitly traversing Spain’s multifaceted regulatory landscape for strategic growth







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