Almost 7% of Spanish Have Invested in Crypto, Regulator Says

As many as 6.8% of Spanish people have invested in crypto at some point, driven mainly by the hope of profit and faith in the underlying technology, according to a survey carried out 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 the involvement of influencers such as FC Barcelona soccer star Andrés Iniesta could tempt people into taking undue risks.

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

Even though the European Union has struck a political deal on a new licensing regime for virtual assets across the bloc, the Markets in Crypto Assets Regulation (MiCA), it won’t take effect for a couple of years. In the meantime, crypto companies can register in the country to demonstrate compliance with money laundering norms, as Binance subsidiary Moon Tech Spain 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 sufficiently big, the study found.

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

Read more: Here’s What Still Needs to Happen Before the EU’s MiCA Bill Becomes LawThe regulator’s findings have been translated from Spanish.

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