Spain Drafts Block Chain Technology Friendly Legislation

Updated On Feb 19, 2018 by Cameron Bishop

Taking a leaf from Switzerland’s crypto friendly policy, the Spanish government is preparing a legislation that will offer tax breaks to block chain technology based companies. The prime minister Mariano Rajoy is willing to extend his full support to the companies involved in block chain technology based business.

Teodoro Garcia Egea, the lawmaker preparing the bill, is of the opinion that the new technology will drive innovation in finance, health, and education. Garcia Egea also hinted that the tax rebates will be offered for companies involved in 3D printing. According to Bloomberg, the lawmaker is optimistic of getting the legislation done by this year.

The People’s Party is also planning to invite block chain experts to testify in parliament. Furthermore, Spain is also interested in studying countries such as Switzerland, which are leading the world in crypto currency adoption.

Spain is also actively considering a proposal to relax reporting crypto currency investments below a certain threshold level. However, ICO investors will come under protection through the regulatory framework being created. Garcia Egea explained that decisions will be taken to establish Europe’s safest framework to invest in ICOs.

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