Blockchain and crypto firms to potentially get tax breaks in Spain

The Spanish government is working on measures to encourage more companies to utilise blockchains and distributed ledgers…

Global governments are responding in different ways to the fast growth of blockchain technologies and cryptocurrency. In the case of Spain, it’s opting far more for the carrot than the proverbial stick.

The country’s ruling People’s Party has put forward proposals that will incentivise companies to utilise blockchains and distributed ledger technology in their work, with the aim of turning it into formal legislation by the end of the year.

Amongst the proposals are possible tax rebates for companies who deploy blockchains in their work. Furthermore, part of the eventual bill, reports Bloomberg, may also be a threshold. Any cryptocurrency investment under said threshold will then not need to be reported to the country’s regulator.

Spain is determined to follow the lead of Switzerland in attracting cryptocurrency innovation to the country. As such, it’s also working on guidelines that would protect those who investment in cryptocurrencies as well.

As Teodoro Garcia Egea, the man charged with preparing the eventual bill, commented, “we want to set up Europe’s safest framework to invest in ICOs”. At a time when many governments are struggling to wrap their heads around the technology at all, it’s a refreshing approach.

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