Spain has implemented new bank oversight regulations via Royal Decree 253/2025, requiring financial institutions to report large cash withdrawals. This change fuels interest in Bitcoin as a decentralized alternative amidst increased scrutiny.
“The initial viral claims that Spaniards must request permission from tax authorities for withdrawals over €3,000 were misleading. The regulation mandates reporting requirements on financial institutions, not individuals.” – Alex Recouso, CEO of CitizenX
The impact on the financial market includes increased compliance costs for banks and the likelihood of consumers exploring decentralized financial assets. Cryptocurrencies may offer a buffer as regulatory measures tighten around traditional banking.