
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. 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. Those interested in
company registration in Spain in this field should know that the
National Directorate of Tax announced that
cryptocurrency mining activities 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. 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.