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