By Nina Kikava - News - 1 month ago

Regulations On Blockchain And Crypto In Spain

According to a report from the local newspaper called La Vanguardia, that was published on December 10, the ruling party is planning on implementing a new regulation regarding cryptocurrencies and blockchain. The regulation’s draft version will be released in a few days.

The first time when the idea was announced was at the opening ceremony of ISDE Blockchain and Law research center in Madrid, on December 10. The announcement was made by the ruling party’s secretary Teodoro Garcia Egea.

According to the report, Garcia also mentioned that there might be tax cuts for blockchain startups and companies that are connected to blockchain and cryptocurrencies. There is also a plan to establish a council on cryptocurrencies and create a need for education for this area.

Garcia stated that all of this is an attempt to follow up with all the new technologies and be one of the leading countries in blockchain industry.

As BNG reported earlier, this is not the first time when Spain is trying to keep up with the blockchain technology and make it more popular in the country. Spanish company Telefónica and IBM teamed up in order to manage international calls using blockchain technology. In every industry, there is an issue regarding security and transparency. That is the main reason Telefónica decided to collaborate with IBM and integrate blockchain in this particular field.

Spain is gaining more and more popularity in the industry, and it tries to integrate blockchain technologies in every aspect of their everyday lives because as we already know countries all over the world are trying to keep up with the newest technologies and Spain is one of this kind of countries. Garcia stated that instead of following along behind other counties, Spain is planning to be one of the leaders in the field.