Spain to Attract Blockchain Companies

Prime Minister Mariano Rajoy’s People’s Party is drafting legislation including possible tax breaks
16 February 2018   507

The tax breaks will possibly attract companies and individual cryptocurrency investors using blockchain technology. Spain is interested in attracting those companies and investors because the technology is a driver for business in industries.

According to Teodoro Garcia Egea, the lawmaker who is preparing the bill, this legislation is also considering regulations to make it attractive for firms to use a blockchain to carry out or ICOs as a financing tool. He stated that the level of the digitalization for companies will be key. Garcia Egea hopes that the legislation will be ready this year.

The People’s Party is promoting a motion to call in experts in blockchain to testify in parliament as well as analyze plans in other countries that are at a more advanced stage.

Garcia Egea stated that the bill may include tax rebates for small companies.  

The bill may include a threshold below which a cryptocurrency investment wouldn’t need to be reported to the regulator. We want to set up Europe’s safest framework to invest in ICOs.

Teodoro Garcia Egea

Binance to Partner with Chainalysis for AML

Use of Chainalysis KYT solution will allow to compile with KYC- and AML-norms and also simplify the process of opening bank accounts
18 October 2018   74

The largest exchange by daily trading volume Binance uses software from Chainalysis, called Chainalysis KYT [know your transaction], to monitor real-time transactions and identify transfers related to criminal activity. This is stated in a joint press release.

Cryptocurrency businesses of all sizes face the same core challenge: earning the trust of regulators, financial institutions and users. We expect many to follow Binance's lead to build world-class AML compliance programs to satisfy regulators globally and build trust with major financial institutions.
 

Jonathan Levin

Co-Founder and COO, Chainalysis

Thus, the use of software from Chainalysis not only guarantee compliance with the KYC- and AML-norms, but also simplify the process of opening bank accounts.

By working with Chainalysis, we are able to continue building a foundational compliance program that enables the next phase of our growth. Our vision is to provide the infrastructure for a blockchain ecosystem and increase the freedom of money globally, while adhering to regulatory mandates in the countries we serve.
 

Wei Zhou

CFO, Binance

Chainalysis KYT release was held in April.