The crypto world is not only moving on digital platforms. More and more people are opting for physical exchanges or currency houses like GBTC, which allow you to buy cryptocurrencies in person, even with cash. Although it's convenient, it is not without legal and tax risks, so it's important to know how to do it correctly.
✅ What is a physical exchange?
A physical exchange is a commercial premises or franchise where you can buy and sell cryptocurrencies face to face. Some examples in Spain include:
GBTC (Global Bitcoin Exchange)
BitBase
Bit2Me (some offices)
These currency houses usually offer:
Personalized attention.
Varied payment methods (cash, card, transfer).
Direct conversion to BTC, ETH, or other cryptos.
🧾 Step by step: how to buy cryptocurrencies at a physical exchange
1. Choose a trusted local
Look for reviews on Google Maps or crypto forums. Verify that the establishment is legally registered and has a physical address, phone number, and active website.
2. Prepare your wallet
Before buying, have your wallet ready (for example, Trust Wallet, Exodus, or a cold wallet like Ledger). At the premises, they will ask you for your address to send you the cryptos.
3. Bring your documentation
For purchases over €1,000 in cash, they will ask you:
ID card, NIE, or passport.
In some cases, a justification of the origin of the funds.
4. Make the purchase
Indicate:
How much you want to buy.
What currency you want (BTC, ETH, etc.).
Your wallet address.
They will show you the commission and the price of the moment before confirming.
5. Receive a receipt
Always ask for a physical or digital receipt with:
Amount delivered.
Cryptocurrency received.
Wallet address.
Date and time of the transaction.
⚠️ Legal and tax recommendations
📌 1. Do not fraction operations to avoid identification
Buying €999 today and another €999 tomorrow to avoid showing your ID may seem like evasion and raise suspicions with SEPBLAC (Prevention of Money Laundering).
📌 2. Keep receipts
Keep invoices, tickets, or confirmation emails. They will help you justify the origin of your cryptos to the tax authorities if you decide to sell later.
📌 3. Do not use third parties to buy
Asking friends or family to buy for you can be considered a way to conceal operations, and it is illegal if done with the intention of evasion.
📌 4. Keep track of the money
If you are going to sell cryptos and transfer euros to your bank account, the tax authorities may ask where that money came from. It's better to have a clear history from the purchase.
🧮 Do you need to declare these purchases?
Buying cryptocurrencies does not tax by itself.
You only need to declare if:
You exceed €50,000 in cryptocurrencies on foreign exchanges (Model 721).
You sell and generate a capital gain (you must include it in your Income Tax - IRPF).
Buying cryptocurrencies at physical exchanges is a valid, quick, and accessible option, but it does not exempt you from complying with the law. Do it transparently, keep everything, and avoid bad practices. This way you will enjoy the crypto world without surprises from the tax authorities.