Spain Studies New Legislative Framework For ICOs

Manuel Martin, co-founder, project lead and blockchain expert at Orvium, has expressed his support for a proposal currently working its way through the Spanish Parliament calling on the government to introduce new blockchain start-up governance legislation.

The proposition, introduced by Spain’s conservative party, the Partido Popular, has been submitted to the Congress of Deputies, the lower chamber of the Spanish Parliament “…with the aim of improving internal processes and [providing] traceability and … transparency in decision making.”

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Martin also explained that “Today’s news concerning a proposal made to the Spanish parliament is just one more step toward positioning Spain at the forefront of blockchain adoption,” adding that “if public bodies, such as the National Securities Market Commission (CNMV) follow the example set by institutions in other crypto hubs and define a legal framework for ICOs, they will fully unlock the huge potential of blockchain disruption.”

One of Spain’s high profile ICOs, Orvium is itself attempting to disrupt the scientific publishing market by implementing an open source and decentralised platform for managing peer-review scholarly publications and associated data.

Citing other Spanish blockchain start-ups, Manuel stated “Important initiatives such as Alastria or BAES are also making enormous efforts and doing tremendous work to establish semi-public infrastructures to drive the efficient adoption of blockchain technology in the public and private sectors.”