The battle to become a leader is the blockchain industry becomes more and more strenuous. Today, countries all over the world are adopting blockchain-based solutions and implementing new legislations to govern the growing market.
Spain – a hopeful contender – has recently taken measures to insure its position as a leader in the blockchain industry. According to La Vanguardia, a local Spanish newspaper, Partido Popular – the Spanish Ruling Party – will be introducing a bill focused on blockchain regulation and cryptocurrencies. Reportedly, Congress announced plans to introduce the new piece of legislation in Madrid at the ISDE Blockchain and Law Research Center.
Teodoro Garcia Egea, the Secretary of Partido Popular, reported that the bill aims to establish legal procedures for the introduction of new coins and to give investors positive assurance in those coins. Garcia Egea also alluded to future initiatives such as cutting taxes for blockchain companies and the development of a national council on cryptocurrency.
These recent developments are amongst the many efforts, which Spain has made to become a blockchain industry leader. In fact, this Southern European country has implemented blockchain technology in various sectors of their economy – including telecommunications, infrastructure and logistics.
Along with ensuring wider adoption of blockchain in the country, the Spanish government doesn’t forget about the regulations, too. More recently, the country’s administration has been also exploring ways to mitigate risks, such as cryptocurrency tax evasion, requiring all members of the crypto industry to disclose all their digital currency assets.