Spanish Ruling Party To Propose Regulation On Crypto And Blockchain

News, Regulation | December 12, 2018 By:

Spanish ruling party Partido Popular (PP) is planning to introduce a draft bill to regulate both blockchain and cryptocurrencies.

Teodoro García Egea, secretary general of the PP, announced earlier this week that the party will be presenting a proposal in Congress in the coming days. Egea said that the regulation is important because it provides some grade of certainty to investors and allows for a legal route for “anyone” to introduce new tokens.

Other measures advocated by the PP include tax cuts for blockchain startups and companies that deploy decentralized technologies, the creation of a National Council for cryptocurrencies and crypto workshops for users.

“The objective of the proposal is to help Spain become a leader in the blockchain industry instead of following along behind other countries,” Egea said.

In June of this year, 133 deputies from Partido Popular proposed a bill to use blockchain in the public administration of the country. The bill encourages the use of blockchain in governmental operations, “with the aim of improving internal processes and providing traceability, robustness and transparency in decision making.”