Almost 7% of People in Spain Have Invested in Crypto, Regulator Says

The country's securities-market authority, CNMV, said it's worried about poor appreciation of the risks even after it mandated new crypto ad warnings earlier this year.

AccessTimeIconAug 5, 2022 at 9:56 a.m. UTC
Updated Aug 5, 2022 at 2:29 p.m. UTC

Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.

As much as 6.8% of the people in Spain have invested in crypto at some point, driven mainly by the hope of profit and faith in the underlying technology, according to a survey by the country’s securities markets regulator.

The CNMV's study follows a crackdown on crypto ads announced in January in response to concerns that influencers such as FC Barcelona soccer star Andrés Iniesta could tempt people into taking undue risks.

While nine in 10 of those interviewed recalled seeing information about the risks of investing in crypto, the regulator nevertheless appears to be worried by an overall lack of awareness about the sector.

Even though the European Union has struck a deal to establish new licensing rules for virtual assets across the bloc, that won’t take effect for a couple of years. In the meantime, crypto companies can register in Spain to comply with money-laundering norms, as Moon Tech Spain, a unit of the Binance crypto exchange, did in July.

“It is striking that 40% [of crypto investors] consider cryptocurrencies to be regulated by law, and that 29% think they have the same risks as other investments,” according to a summary of findings published by the regulator on Thursday.

Over half the population think the warnings on crypto ads are easy to read and large enough, the study found.

The study, carried out with survey company Análisis e Investigación, involved 1,500 adults and took place in May and June.

The regulator's findings have been translated from Spanish.

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Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.

CoinDesk - Unknown

Jack Schickler is a CoinDesk reporter focused on crypto regulations, based in Brussels, Belgium. He doesn’t own any crypto.

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