Digital currencies represent a modern revolution in the field of digital finance, gaining significant attention within the global financial sector. Buy bitcoin in spain and hungary Cryptocurrencies, operate without any governmental oversight and limitations of conventional banking structures. The system leverages blockchain technology, which is a secure public ledger system that functions without any centralized controls. This allows users to engage in online transactions easily, with numerous organizations embracing digital currencies as a valid form of payment.
However, cryptocurrencies are not legal in many countries. The legal landscape of cryptocurrencies varies from one country to another. If you are living in a country where the use of cryptocurrencies is restricted, you must adhere to the law. Despite the restrictions, users can still purchase, sell, and trade cryptocurrencies.
In this article, we will discuss how to buy Bitcoin (BTC) in Spain and Hungary.
Legal Landscape of Cryptocurrency in Spain and Hungary
Spain and Hungary are navigating the evolving legal landscape of cryptocurrency by adapting to EU regulations while establishing their own regulatory frameworks.
Spain
Digital currencies are largely unregulated in Spain. However, the Spanish government has outlined certain rules and regulations for organizations that address taxation, advertising, compliance with anti-money laundering policies, and the designation of crypto assets.
According to Spanish law, digital currencies are not considered legal tender or financial instruments, but they can be treated as securities when it comes to public offerings or commodities when traded individually. No cryptocurrency holds legal tender status in Spain. As the country opened its doors widely to the crypto industry, more and more crypto companies started to officially register in Spain.
Residents of Spain are required to report their digital currency holdings on their tax returns. Any profit from the crypto market is subject to taxation in Spain. Failing to pay crypto taxes may lead to hefty fines. Owning and trading digital currencies in Spain is legal, but it is definitely not without its complexities.
Hungary
The legal landscape surrounding cryptocurrencies and crypto assets in Hungary is continuously evolving to align with EU legislation and technological developments. In Hungary, cryptocurrencies are not considered legal tender, and regulations are still in their developing phase as there are no specific laws to regulate crypto activities.
In the case of taxes, in Hungary, Taxes on crypto mining and trading were reduced in 2022 to around 15% of income. Exchanges from crypto to crypto are not taxable events in Hungary. Individuals have to pay taxes only when they convert their cryptocurrency to fiat currency.
How to Buy Bitcoin (BTC) in Spain and Hungary
You can buy Bitcoin in Spain and Hungary in various ways.
Crypto Exchanges
One of the most straightforward legal ways to purchase Bitcoin in Spain and Hungary is through cryptocurrency exchanges. You will be able to connect your bank account or debit/credit card to a cryptocurrency exchange and purchase Bitcoin using fiat currency for a small fee. Since cryptocurrencies are legal in Spain and Hungary, it is generally safe to purchase Bitcoin through exchanges.
Bitcoin ATMs
Bitcoin ATMs are also a reliable option to purchase Bitcoin. You can use Bitcoin ATMs as an alternative to cryptocurrency exchanges. However, Bitcoin ATMs have higher fees when compared to exchanges.
Traditional Finance Platforms
Conventional finance platforms like eToro offer digital currencies. You can purchase Bitcoin through these traditional finance platforms. Many investors already registered with numerous financial firms to streamline their shift into cryptocurrencies.
Step-by-Step to Buy Bitcoin in Spain and Hungary
If you are either living in Spain or Hungary, you can follow the below steps to purchase Bitcoin (BTC).
- Choose a Cryptocurrency Exchange
The initial step is to find a reliable and trustworthy crypto exchange available in your country. The crypto exchange plays a major role in purchasing Bitcoin, so always conduct thorough research and choose the best one.
- Create an Account
Once you choose a crypto exchange, the next step is to create an account on that exchange. Download the app and start the signup process. You will need to submit your valid ID and may be asked for proof of address to make a transaction, so keep them ready. Verifying your identity may take a few minutes, depending on where you live.
- Add Payment Method
After creating your account, you have to add a payment method. You can choose your bank account, or debit card, or initiate a wire.
- Buy Bitcoin
To buy Bitcoin, click on the ‘Buy’ button on the home tab. In the Buy panel, search for Bitcoin. When you see Bitcoin appear in the search results, tap it, and you will be redirected to the purchase screen.
- Specify the Amount
Now enter the amount you want to spend in your local currency. In most cases, the application will automatically convert that amount into a Bitcoin amount.
- Finalize your Order
Click on the ‘Preview’ button, and you will be shown the details of your Bitcoin purchase. Check and verify the details, and then confirm your purchase by clicking ‘Buy Now.’ Once the order is processed, you will be redirected to the confirmation page. That’s it; you have successfully purchased Bitcoin.
Conclusion
The world views Bitcoin as a legitimate investment opportunity. However, Bitcoin is not considered a legal tender in many countries, including Spain and Hungary. The regulatory framework surrounding cryptocurrencies is evolving rapidly and changing quickly. Both in Spain and Hungary, cryptocurrencies are unregulated, but they are not considered legal tenders. For residents living either in Spain or Hungary, we have explored the various ways to purchase Bitcoin. You can consider crypto exchanges, Bitcoin ATMs, or traditional financial platforms. However, always choose a reliable and trustworthy option.