Cryptocurrency Market In Spain

Cryptocurrency market in spain

Cryptocurrency market in spain

A cryptocurrency company uses digital currencies for various types of transactions. Spain is a member state of the European Union (EU) and the Community has not introduced yet a specific rule of law regulating this sector. At the moment, each country of the EU can set up various regulations on cryptocurrency businesses and Spain has specific regulations addressing to this field.

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Investors who want to open a company in Spain should know that specific articles of the Spanish Civil Code protect the operations of such businesses; our team of specialists in company formation in Spain can offer consultancy services on the available legislation, depending on the company’s business activities

 

Cryptocurrency mining in Spain 

 

Companies performing cryptocurrency mining activities will be taxed under new rules of law imposed by the Spanish government.

Cryptocurrency mining refers to the procedure through which transactions carried out through virtual currencies are verified.

Cryptocurrency market in spain

Those interested in company registration in Spain in this field should know that the National Directorate of Tax announced that cryptocurrency miningactivities will be taxed as such operations are included in the category of economic activities. Our team of agents in company registration in Spain can offer further information on the new legislative proposal. 

 

In this sense, cryptocurrency miners will be required to register with the Spanish authorities for taxation purposes and this should be completed prior to submitting the taxes associated with operations deriving from cryptocurrency mining

 

The legislation is not yet applicable in Spain, but it may be enforced to prevent a set of associated criminal activities that are usually encountered in this field, such as: 

 

•money laundering;

•tax evasion;

•cybercriminal activities. 

 

Cryptocurrency ATMs in Spain 

 

The Spanish market already provides numerous automatic teller machines (ATMs) which can be used for cryptocurrency payments.

Cryptocurrency market in spain

For example, across the Spanish territory, there are 39 Bitcoin ATMs (Bitcoin being the most popular type of virtual currency, launched in 2009), most of them operating in the following cities:

 

Barcelona - 7 ATMs;

Madrid  - 5;

Malaga - 4;

Marbella - 3. 

 

Businessmen are invited to contact our team of consultants in company formation in Spain for assistance on the registration steps imposed under the local legislation.