Is Spain the next cryptocurrency hot spot in Europe?

Key Takeaways:

  • Crypto ATMs now a popular method for crypto scams —FBI.
Is Spain the next cryptocurrency hot-spot in Europe?
Spain has surpassed El Salvador to become the third-largest crypto ATM hub in the world.

LAGOS (CoinChapter.com) — The influence of Bitcoin and other cryptocurrencies is growing remarkably in Spain, triggering the question if the country is poised to become the leading location for digital asset lovers in the region.

In detail, Spain has surpassed El Salvador to become the third-largest crypto ATM hub in the world. The new development suggests that digital currency adoption in the country is rising incredibly.

Currently, the only countries with more crypto ATM hubs than Spain are the United States and Canada. The European country at the time of publication holds 215 crypto ATMs, according to data from CoinATMRadar. Furthermore, the country displaced El Salvador which currently has 212 crypto ATMs and now sits in the fourth position.

Spain

Moreover, CoinATMRadar revealed that Spain currently represents 0.6% of the global crypto ATM installations. This makes Spain the largest contributor to crypto ATMs in Europe, with 14.65% of total installations on the continent. Additionally, other notable mentions are Switzerland with 144 ATMs, Poland with 142 ATMs, and Romania with 135 ATMs.

Notably, Spain this year alone installed 43 crypto ATMs across the country. Interestingly, the country already disclosed plans to install more than 100 ATMs by the end of the year. Remarkably, this would take the total number of crypto ATMs across the country to around 300 once completed.

Spain To Become Crypto Mining Hub

In addition to recording significant growth of crypto ATMs in the country, Spain has been out of activities that could make it the cryptocurrency hotspot in Europe. For instance, María Muñoz, Spain’s deputy Ciudadanos party proposed a bill that sought to make Spain a crypto mining hub.

However, recall that earlier this year Spain started establishing rules on how influencers and their sponsors can promote cryptocurrencies. Influencers with over 100,000 followers must notify the National Securities Market Commission at least 10 days before promoting crypto assets.

“If influencers weren’t covered there would be a backdoor to avoid regulation. This is new terrain, for us and for them, and there will be moments of friction. But that always happens when you bring in rules for something that wasn’t regulated before.”

CNMV chief Rodrigo Buenaventura said.

Crypto ATMs Emerging As Popular Method For Crypto Scam Payments — FBI

Meanwhile, it is important to note that the United States Federal Bureau of Investigation’s (FBI) Miami Field Office recently warned that crypto ATMs are emerging as a popular method that scammers use to receive funds from defrauded victims.

According to the warning, these scammers pose as long-lost friends or potential romantic partners to steal from unsuspecting victims. The scammers lure victims by showing interest in them to win their trust, then introduce investment discussions into the relationship.

The FBI warned that victims of these pig-butchering crypto scams generally have no chance of getting their funds back. It added that they have also noticed that scammers are increasingly directing their victims to transfer funds via crypto ATMs.

There are nearly 33,500 cryptocurrency ATMs in the United States, according to data from Coin ATM Radar, with the U.S. accounting for 87.4% of the global crypto ATM distribution.

“The use of cryptocurrency and cryptocurrency ATMs is also an emerging method of payment. Individual losses related to these schemes ranged from tens of thousands to millions of dollars.”

FBI warned.

Additionally, for more news on cryptocurrency and if it will replace precious metals soon, click here.

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