Spanish Government to Give Tax Incentives to Crypto & Blockchain Companies and ICO Projects

The governing political party in Spain is currently drafting a bill aimed at wooing crypto and blockchain technology companies to the country.

Information from Bloomberg has it that the People’s party of Spain is making moves to create a package which will focus on firms working with new and cutting-edge technologies.

Spanish lawmaker Teodoro Garcia Egea says that the bill will likely include provisions that aim to attract enterprises and startups that tend to sell crypto-tokens via Initial Coin Offerings (ICO). The bill also has a threshold below which a cryptocurrency transaction does not have to be declared for taxation. The lawmaker hints that the bill will be ratified by the close of the year.

The ruling party plans to do some wider consultation with crypto and blockchain experts in order to institute appropriate and progressive regulatory framework that will help foster blockchain technology growth and innovation. The reason for this is the belief in enacting industry-relevant laws from an informed position. They also plan to use countries such as Switzerland who have been quite successful with cryptocurrency and blockchain related operations as case studies.

The lawmakers from the Spanish ruling party take cognizance of the fact that the use cases for blockchain technology cuts across industries and will inure to the benefit of the Spanish population.

Teodoro Egea says that “we want to set up Europe’s safest framework to invest in ICOs.”

Aside Spain, a few other countries in Europe such as the United Kingdom and Gibraltar intend to take concrete steps in setting up a framework by which ICO events will be guided.