Crypto-Friendly Legislation Eyed By Spain’s People’s Party

News, Regulation | February 19, 2018 By:

The People’s Party (PP) of Spain, the political party of Spanish Prime Minister Mariano Rajoy, is preparing legislation including possible tax breaks to attract companies using blockchain technology.

The People’s Party, a conservative and Christian democratic political party, is one of the four major parties of modern Spanish politics. It is a member of the center-right European People’s Party (EPP), Centrist Democrat International and the International Democrat Union. The PP was also one of the founding organizations of the Budapest-based Robert Schuman Institute for Developing Democracy in Central and Eastern Europe.

Teodoro Garcia Egea, the lawmaker drafting the bill, said that it could ultimately include provisions that aim to attract companies that are looking to sell tokens via initial coin offerings (ICO). The bill may also include a threshold below which a cryptocurrency investment wouldn’t need to be reported to the regulator. He added that the legislation should be ready this year.

According to Egea, the People’s Party is actively promoting a motion to invite blockchain developers to testify in Parliament and also to notify the politicians about other countries, like Crypto Valley in Switzerland and some other jurisdictions, whose blockchain integration are at a more advanced stage.

“We want to set up Europe’s safest framework to invest in ICOs,” he said.

The People’s Party’s blockchain-related legislation came after the government of Gibraltar, a British overseas territory that borders Spain, revealed plans to develop a legislation for ICOs. Gibraltar Finance Minister Albert Isola said that the legislation will be formulated this month.