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Spain proposes tax incentives for companies that use blockchain

The Spanish conservative political party known as PP is preparing legislation that will include tax exemptions to attract companies that use blockchain.

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According to the deputy, specific regulations could also be included to increase the attractiveness of Initial Coin Offerings (ICOs), the usual funding tool for cryptocurrencies.

“The level of digitization of companies will be key. We are confident that the legislation will be ready this year”

Egea adds after explaining that it is important for Spain to attract this type of firms, since technology is what will boost sectors such as finance, health and education.

The blockchain, is being tested by numerous industries for the potential improvements in the efficiency of transactions by eliminating traditional intermediaries. Instead of an intermediary (for example a bank in a financial transaction), the whole system checks and records the movement at the same time. A distributed and encrypted database to guarantee security.

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The PP is going to promote that experts in blockchain explain in the Congress of the Deputies and that the initiatives of other more advanced countries are analysed, like the case of the initiative of of Switzerland to create a Crypto Valley. The tax advantages would not be limited to blockchain, but could include businesses such as 3D printing or Big Data, according to García Egea.

In addition, it would include a level from which it would not be necessary to declare the investment in cryptocurrencies. In parallel, the National Securities Market Commission (CNMV) is already working to regulate and protect investors in these cryptocurrencies. “We want to create the safest environment in Europe to invest in ICOs”, concludes the deputy.

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