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The People’s Party of Spain is considering legislation that would
give tax breaks to companies that use Blockchain technology, Bloomberg reports Feb. 15.
Teodoro García Egea, the lawmaker preparing the bill,
told Bloomberg that the legislation should be ready this year.
García Egea added that bringing Blockchain-based companies into
Spain will promote business across all industries, from finance to
health.
García Egea’s Twitter leads with a Dec. 2 2017
pinned tweet of an article he wrote on positive
benefits of Blockchain, which he calls the “notary of the
Internet.”
Further legislation on “attractive” regulations for
Initial Coin Offerings (ICO) is also potentially in
the works, García Egea told Bloomberg:
“We want to set up Europe’s safest framework to invest
in ICOs.”
The People’s Party’s, led by Prime Minister of Spain
Mariano Rajoy, might incorporate tax rebates for small 3D printing
or big data companies into the bill. The legislation may also
include a minimum threshold for reporting crypto investments to
regulators, according to García Egea.
Bloomberg reports that Spain’s market securities
regulator is working in tandem on regulations to protect crypto
investors.
Regulators in the European Union (EU) as a whole haven’t been as
open to the idea of friendly regulations for ICOs and crypto
investing. An EU regulatory body released a warning on Feb. 12,
stating that crypto investing was “highly risky” and showed signs
of a “pricing bubble”.