Spanish Government Eyes Tax Benefits for Crypto Companies

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