Blockchain legislation: a drawcard for investment in Spain?

Blockchain legislation: a drawcard for investment in Spain?

On February 19, 2018, Posted by , In blockchain, By , , With Comments Off on Blockchain legislation: a drawcard for investment in Spain?

In a very interesting development, a Spanish member of parliament for Partido Popular—from which Head of Government Mariano Rajoy also comes—confirmed that their political party is preparing draft text for proposed blockchain legislation.

The Spanish government has been mute on blockchain and crypto investment so far, so it comes as a surprise to hear someone from the legislative power advocate for a legal framework that is favourable towards crypto investment, even mentioning the possibility of tax cuts for companies using blockchain technology.

In an article recently published by Bloomberg, Mr Teodoro Garcia Egea is quoted saying that he wants Spain “to set up Europe’s safest framework to invest in ICOs”.

Wow. A good wow, that is.

Part of the URBYTUS team (pictured) had the opportunity to attend the Bitcoin and Blockchain Conference in Gibraltar on February 8. On the occasion, local legal firms spoke about the government’s new legal framework for blockchain companies. Although not quite an ICO rulebook, it was confirmed that the next step would be to create complementary legislation to protect these companies if they operate from the Gibraltarian jurisdiction.

It seems some politicians in Spain want to get one step ahead of the British exclave in leading the way towards making crypto investment more clear and transparent from a legal point of view.

Good on them, we think.

Companies like URBYTUS can clearly benefit from a protective and even supportive legal sandbox. In this way, it should be easier to pursue new technology that allows tech developers the use of smart contracts, distributed ledgers, crypto tokens and artificial intelligence to make operations more secure, transparent and efficient.

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