Spain's ruling political party is reportedly drafting legislation that it hopes will help woo cryptocurrency and blockchain companies to the country.
According to Bloomberg, the People's Party of Spain is eyeing the move as part of a package that would be focused on firms working with new technologies like 3-D printers.
Yet according to lawmaker Teodoro Garcia Egea, who spoke to the news service, the bill could ultimately include provisions that aim to attract companies that are looking to sell tokens via initial coin offerings. The bill may also specify a threshold below which cryptocurrency investments would not have to be reported for tax purposes.
"We hope to get the legislation ready this year," Garcia Ega commented.
The People's Party is also encouraging lawmakers to hear testimony from blockchain experts on the matter, and it intends to review regulatory measures that other countries such as Switzerland are developing or have already implemented. Egea told Bloomberg Politics that the technology is good for Spain because it spurs work in other sectors like education, finance and health.
The legislation may also be focused in part on encouraging investment in token sales, according to Garcia Egea.
"We want to set up Europe's safest framework to invest in ICOs," he was quoted as saying.
Spain is far from alone in drafting blockchain-related legislation. Gibraltar, a U.K. overseas territory, intends to solidify its position on ICOs this month.
Spanish Parliament image via Shutterstock
The leader in blockchain news, CoinDesk is an independent media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. Have breaking news or a story tip to send to our journalists? Contact us at firstname.lastname@example.org.
Chip Maker TSMC Forecasts Weaker Crypto Mining Demand in Q4
Chip-making giant Taiwan Semiconductor Manufacturing Company (TSMC) has predicted weak demand for processors from cryptocurrency miners for the fourth quarter.
TSMC, the primary supplier for crypto
Crypto Exchange Huobi Now Lets Users Swap Between 4 Different Stablecoins
Huobi, the Singapore-based cryptocurrency exchange, has just launched a new solution that enables users to switch between different types of fiat currency-pegged cryptocurrencies, or stablecoins, in e
Bitcoin Price Eyes Triangle Breakout Above $6.4K
Bitcoin (BTC) is again trading in a narrowing price range above $6,400, but the lateral trading may soon give way to a rally, according to technical studies.
The price consolidation comes after Mon
Security firm G4S Has Launched a Crypto Custody Service
U.K.-based security services company G4S now offers a crypto custody service aimed to protect investors' holdings of digital assets.
Announcing the move in a press release on Oct. 16, the firm said
Gates Foundation Partners With Former Ripple CTO's Blockchain Project
The Bill and Melinda Gates Foundation has partnered with blockchain startup Coil as part of its mission to provide payment services for the unbanked.
The news comes via a tweet from Miller Abel, th
Mt Gox's Bitcoin Creditors Have 4 Days to Submit Rehabilitation Claims
Clients of the defunct crypto exchange Mt. Gox must submit claims for trapped funds by Oct. 22.
As previously reported by CoinDesk, the exchange first opened up the claims process in August, follow
Crypto Exchange Coinbase Open-Sources Its Security Scaling Tool
U.S.-based cryptocurrency exchange Coinbase is making a recently developed automated security scaling tool available to the public.
Called Salus, after the Roman the goddess of safety and well-bein
The SEC Is Setting Up a New Division to Talk to ICO Startups
The U.S. Securities and Exchange Commission (SEC) is launching a new division with the goal of making it simpler for fintech startups – including those launching initial coin offerings (ICOs) – to nav