Spanish government looking at tax benefits for crypto companies

The Spanish government wants to make the country as attractive as possible for blockchain companies, and is considering possible tax breaks to achieve this.

A proposed bill will attempt to encourage firms to use blockchain to carry out ICOs as a financing tool, reports Bloomberg, and introduce tax rebates for small specialised companies.

Lawmaker Teodoro Garcia Egea said: “The level of the digitisation for companies will be key. We hope to get the legislation ready this year… We wat to set up Europe’s safest framework to invest in ICOs.”

Notably, cryptocurrency investments would not need to be reported for tax purposes under a certain threshold, should the the new rules be introduced.

The government is seeking advice from blockchain experts on the matter, and hopes to review the regulations of other countries such as Switzerland as part of the process.