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Spanish Government Plans to Woo Cryptocurrency Companies Eyeing Tax Benefits

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The ruling party of Spain is looking to take advantage of the mushrooming blockchain and cryptocurrency companies, wooing them into the country so that it can benefit from their taxation. Reports indicate that the People’s Party of Spain is currently drafting legislation to make this a reality.

According to Teodoro Gracia Egea, a lawmaker in Spain, the bill could include some provisions that are aimed at attracting companies looking to sell tokens through ICOs. Speaking to the news service, Gracia Egea further noted that the bill could also specify thresholds through which cryptocurrency investors don’t have to report for tax purposes.

The legistration is likely to be ready within the year, according to Gracia Egea. He also reported that blockchain technology is good for the country as it facilitates the creation of work not only in the financial sector but other sectors as well, including health and education. “We want to set up Europe’s safest framework to invest in ICOs,” he further noted.

Spain’s ruling party also encouraged its lawmakers to listen to testimonies from various blockchain experts about the matter, so that it can review its regulatory measures just like other countries such as Switzerland.

More Countries Also Contemplating Blockchain-related Legislation

Spain is not the only country that’s currently thinking about blockchain-based companies and ICOs.  This week we also witnessed a U.K. overseas territory – Gibraltar – looking to solidify its ICO position, and blockchain technology in general. The government of the country and the GFSC (Gibraltar Financial Services Commission) are working together to develop a legislation for tokenized digital assets.

The Finance Minister of Gibraltar, Hon. Albert Isola, announced the position, saying that the legislation will be formulated by February. The work is already on course after taking into account feedback from all stakeholders.

Image Credit: Deposit Photos

Do you think the move by governments to finally adopt cryptocurrency and ICO investment is another step towards the acceptance of cryptocurrencies? Let’s hear what you think in the comments below.

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