Spain Is Giving Crypto Tax Breaks, Promoting Blockchain Experts

By James Sweet III | Spain

Governments around the world fear cryptocurrency and the blockchains that many rely on. From Poland’s central bank spreading propaganda to South Korea’s stiff stance on regulations, the crypto community has been threatened by big governments and their fear. However, refuge can be found in nations like Switzerland, and soon, Spain. Prime Minster Mariano Rajoy’s party, the People’s Party, has shown its support for the community and the industry it relies on, hoping to bring companies that use the blockchain to the nation.

According to a Bloomberg article, Teodoro Garcia Egea, a federal legislator for Spain, as well as a member of the People’s Party, is preparing a bill that could provide tax breaks to blockchain companies. Egea believes the blockchain technology could provide new advancements for the education, medical, and finance fields. According to Egea, “The level of the digitalization for companies will be key. We hope to get the legislation ready this year.”

The Party also plans on inviting many crypto and blockchain experts to speak and testify in the Spanish parliament, as well as examining nations like Switzerland that are embracing cryptocurrencies and the blockchain technology.

Egea, as well as some of his companions in the party, are also pushing for small amounts of investments into cryptocurrency to go unreported, allowing those that are wary of government regulation to take a step into the industry. A regulatory system would still be established, but the odds of it threatening crypto is low, although it still might scare some investors off.

This move is certain to cause some tension between the nation and the EU, considering that many member states of the EU have openly talked about cryptocurrencies in a negative light. Whether it’s with France, Germany, or the European Central Bank itself, Spain is bound to have some disputes.

Image from Coindesk.