Spanish Ruling Party to Introduce Regulation on Blockchain, Crypto

Spanish ruling party Partido Popular (PP) will introduce a draft bill on cryptocurrencies and blockchain regulation in a few days, local newspaper La Vanguardia reported Dec. 10.

The publication reported that PP’s secretary Teodoro Garcia Egea announced the decision during the opening ceremony of ISDE Blockchain and Law research center in Madrid on Dec. 10. The key reason behind elaborating the regulation is reportedly to provide some grade of certainty to investors and to allow “everyone who wants it” to introduce their own coin, the party’s secretary said.

Garcia Egea also hinted at the possibility of tax cuts for blockchain startups and companies that deploy decentralized technologies. He also revealed that the government might create a national council on cryptocurrencies and promote education devoted to its underlying technology.

All those measures are in place to help Spain become a leader in the blockchain industry instead of following along behind other countries, Garcia Egea added.

Reported in early October, Spain is actively implementing blockchain into the public infrastructure of its cities, as well as in the private sector.

For instance, one of the country’s largest ports located in Valencia uses blockchain to improve logistics and to connect intermediaries in the shipping industry. Meanwhile, major Spanish telecoms operator, Telefónica, will use the IBM Blockchain Platform to improve the management of international mobile phone call traffic.

At the same time, the Spanish government has been seeking ways to prevent tax evasion for cryptocurrency income. Reported last month that the Spanish Ministry of Finance is planning to examine 15,000 taxpayers who have made transactions with cryptocurrencies in the last year.

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