Spanish People’s Party Contemplates Tax Breaks For Blockchain-Based Companies

The People’s Party of Spain is considering legislation that would give tax breaks to companies that use Blockchain technology, Bloomberg reports Feb. 15.

Teodoro García Egea, the lawmaker preparing the bill, told Bloomberg that the legislation should be ready this year. García Egea added that bringing Blockchain-based companies into Spain will promote business across all industries, from finance to health.

García Egea’s Twitter leads with a Dec. 2 2017 pinned tweet of an article he wrote on positive benefits of Blockchain, which he calls the “notary of the Internet.”

Further legislation on “attractive” regulations for Initial Coin Offerings (ICO) is also potentially in the works, García Egea told Bloomberg:

“We want to set up Europe’s safest framework to invest in ICOs.”

The People’s Party’s, led by Prime Minister of Spain Mariano Rajoy, might incorporate tax rebates for small 3D printing or big data companies into the bill. The legislation may also include a minimum threshold for reporting crypto investments to regulators, according to García Egea.

Bloomberg reports that Spain’s market securities regulator is working in tandem on regulations to protect crypto investors.

Regulators in the European Union (EU) as a whole haven’t been as open to the idea of friendly regulations for ICOs and crypto investing. An EU regulatory body released a warning on Feb. 12, stating that crypto investing was “highly risky” and showed signs of a “pricing bubble”.