Crypto used by 7% of Spanish population

As many as 6.8% of the population of Spain have now invested in cryptocurrency “at some point”, according to Spain’s National Securities Market Commission (CNMV).

The study focused on the number of crypto investors while also taking a look at the motivation behind their investments.

According to CNMV’s findings, most of the people who invested in cryptocurrency were motivated by the prospects of making big profits quickly.

This study comes after a crackdown on cryptocurrency advertisement was initiated in January, with the regulator targeting FC Barcelona’s player, Andréas Iniesta for his endorsement of cryptocurrency products.

Focusing on overall consumer trends, nine in 10 people interviewed confirmed that they had seen some information about the high-risk profile of cryptocurrency investment, indicating that there is sufficient information circulating.

Spain is one of the easier countries in Europe to register and obtain a license. By late June, the country’s central bank, Bank of Spain, had registered 17 cryptocurrency companies.

Binance cryptocurrency exchange’s Moon Tech Spain was granted a license to set up business in the country in July.

In delivering the findings, the Análisis e Investigación, the company that conducted the survey, noted that 40% of the people in the survey believed that cryptocurrencies are regulated by law.

Another 29% believed that cryptocurrencies were as risky in terms of investment outlook as any other investment.

More than 50% of the interviewed said that they found it easy to read the disclaimers that came with crypto advertisements and warned consumers of the potential downsides of their investment.

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Updated: 08/08/2022 — 18:00