Spain to Consider Tax Cuts For Blockchain, Crypto Startups

Local media outlet La Vanguardia reported on 10 December that a draft bill on cryptocurrencies and blockchain regulation will be introduced in a few days by the Spanish ruling party Partido Popular (PP).

The publication detailed that PP Secretary Teodoro Garcia Egea declared the decision during the ISDE Blockchain and Law Research Center opening ceremony in Madrid on 10 December.

The key grounds behind the promotion of the regulation is that it hands over investors some level of certainty and permits “everyone who wants it” to launch their own coin, said the party’s secretary.

García Egea also suggested the possibility of tax cuts for start- ups in blockchain and companies using decentralized technologies. He also revealed that the government could set up a national council on cryptocurrencies and foster education dedicated to its technology.

All these process are in position to assist Spain turn out to be a pioneer in the blockchain industry, rather than following other nations, added Garcia Egea. Spain is aggressively implementing blockchain in its cities’ public framework and in the private sector.

One of the largest ports in Valencia, for example, uses a blockchain to improve logistics and connect shipping intermediaries. In the meantime, Telefónica, the leading Spanish telecom operator, will use the IBM Blockchain Platform to improve the management of international mobile telephone calling.

At the same time, the Spanish government has been looking for ways to put off tax evasion for cryptocurrency income. Furthermore, the Spanish Ministry of Finance is planning to inspect 15,000 taxpayers who have made cryptocurrency trades last year.