As of today, in the middle of 2019, in Spain no law or regulation on cryptocurrencies has yet been approved, and the only thing that occurs are conversations, some first guidelines on how to declare them and little else. Consequently, cryptocurrency exchange companies and platforms live in a gray area, not being directly regulated and of course they cannot benefit from the deposit guarantee fund.
However, what happens in the market is another matter. Cryptocurrencies are of many kinds . Cryptocurrencies are booming, driven by the success of certain models, and are proving that they were created to stay.
It is no secret that the Bank of Spain, consequently, is not yet authorizing companies, entities or cryptocurrency exchange platforms. The authorities of the Bank of Spain consider that, although cryptocurrencies are not going to replace fiat currencies (traditional), it is clear that they should be taken into account as a payment method and also to channel investments and asset transfers.
Although the Bank of Spain was one of the first institutions to recognize cryptocurrencies as assets, as a type of money, in 2012, its position in relation to certain information notes published remains ambiguous in this regard. The practice is not to denominate them coins but assets.
More clarifying is the European Central Bank, which defines cryptocurrencies as "types of unregulated, digital money, which is issued and generally controlled by its developers, and which is used and accepted among the members of a given community." It is not surprising then that more and more, users themselves take control of their finances (apart from banks and traditional banking entities) and dare to enter those markets.
Cryptocurrencies are also responsible for many private loan and credit entities being able to offer personal products, such as fast online loans , at more competitive prices than ever, also through the so-called blockchain.
In recent years, the issuance and use of so-called cryptocurrencies has multiplied. There are more than 1,600 virtual currencies currently in circulation throughout the planet, with a trend that is expected to be confirmed upward, and they move more and more financial market volume, exceeding $ 13 trillion worldwide.
Although no state has yet recognized a cryptocurrency as legal tender, it is no less true that many regions and countries have endowed cryptocurrencies with legality and as a payment method, including countries such as Venezuela or Japan, and regions of the United States like Florida.