We discuss the potential of molecular magnets as the building blocks of a quantum computer. The simplification in the control procedure for the quantum gates in many-spin systems coming from the high symmetry is shown to lead to a relatively simple way to address the spin degrees of freedom in molecular magnets. The advantage of an anisotropic effective spin interaction in memory applications is demonstrated on the example of the Grover quantum search algorithm in a generic easy-axis molecular magnet. Electric control of the coupling between the spins is shown to enable two-qubit quantum gates in polyoxometalates. (C) 2008 Elsevier B. V. All rights reserved.